After raising $100 million to support product development, Perimeter 81 said that its investors now value the Israeli cybersecurity startup at $1 billion, making it a unicorn.
The round, sponsored by B Capital, represents a significant increase in valuation from the company’s previous fundraising in August 2020, when it was valued at $200 million. The round included new investors ION Crossover Ventures and Insight Partners, as well as existing investors ION Crossover Ventures and Insight Partners.
On its cloud-based platform, Perimeter 81 provides secure network solutions for the hybrid workforce, including Zero Trust Network Access, Firewall as a Service, and VPN as a Service.
The four-year-old company, which is still not profitable, claims to have more than doubled its yearly recurring income year over year and is on target to produce tens of millions of dollars this year.
According to Amit Bareket, co-founder and CEO of Perimeter 81, the new funding will be used to assist the firm to realize its aim of building a platform that provides one-stop solutions for corporate network security.
“With employees working from anywhere and businesses moving to the cloud, we’ve doubled down to build a platform where we’ll allow businesses from any size to build a secure corporate network over the internet without installing any physical infrastructure,” Bareket said.
