Kasada raises $ 23 million to accelerate global momentum in fight against online fraud

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Kasada announced a Series C funding of $ 23 million, bringing the total investment in the company to $ 39 million.

The roundtable was led by new investor StepStone Group (which recently acquired the venture capital platform Greenspring Associates), with the participation of existing investors Ten Eleven Ventures, Main Sequence Ventures, Reinventure (the venture capital arm of Westpac), Our Innovation Fund and Turnbull & Partners.

Since its Series B funding in mid-2020, Kasada has increased its revenue by 230%. This goal was achieved by expanding its go-to-market capabilities, defense platform, and operations to capitalize on the demand for its cybersecurity solution in the United States. Kasada now protects more than $ 20 billion in e-commerce per year and blocks more than 5 billion monthly requests that are not detected by legacy systems. Additionally, over 85% of clients have worked with other bot mitigation vendors before committing to Kasada’s modern approach.

Recent highlights include:

  • Has grown its customer base by over 80% since Series B, including the addition of new Fortune 50, S & P / ASX 50 and Russell 1000 customers.
  • 140% increase in overall workforce through investments in development and sales, pre-sales, marketing and customer support capabilities focused on the United States.
  • 97% customer retention since inception, demonstrating the enduring value Kasada’s solution brings to customers – and the company’s dedication to customer service.
  • Launch of V2 of its platform, incorporating major defense upgrades, which represent the R&D work of the last 18 months. The company has also achieved SOC 2 compliance.
  • Received recognition from multiple industry sources including the 2021 SC Awards, Black Unicorns, Global InfoSec Awards, Tech Trailblazer Awards, Cyber ​​Security Global Excellence Awards, Cybersecurity Excellence Awards and TAG Cyber.

Cybercriminals are increasingly using bots to launch automated threats like credential stuffing, web scraping, carding, and inventory hoarding against online businesses. Since the start of the pandemic, two-thirds of businesses have experienced more frequent bot attacks, while 56% have experienced new types of bot-based fraud. The first generation of bot defenses are no longer viable because bot operators understand how these defenses work and can easily bypass them.

Kasada has taken a fundamentally different approach to bot mitigation, designed to overcome the challenges faced by traditional methods. The company’s modern anti-bot solution provides immediate and lasting protection by frustrating and retaliating attackers. It stops automated attacks in real time, before they are even allowed to enter an organization’s infrastructure.

This is reinforced by data analysis and machine learning (ML) from billions of bot interactions. Unlike first-generation services, Kasada’s platform does not rely on setting up rules, assigning risk scores, or using CAPTCHA. The platform adapts to new approaches and attacks as bot operators constantly evolve the tactics they use against websites, mobile apps, and APIs.

“Businesses are fed up with bot mitigation solutions that are difficult to use, take time to maintain, and cannot keep up with the latest tools used by bot operators,” said Sam Crowther, founder and CEO of Kasada. “At Kasada, we have decided to make application security much easier to implement and use, while improving its efficiency. We’ve made sure security doesn’t hamper the customer experience, removing frictions like CAPTCHAs that hurt online conversions – and your brand. “

The company plans to use the C-Series funding to further accelerate its sales in the United States and expand its development, support and marketing services to take advantage of growing demand for its simple and effective approach.

“Kasada services translate into a great experience for Sydney Opera House guests, without interrupting their experience or introducing unnecessary friction,” said Nic Boling, Director of Technology at Sydney Opera House. “We believe that humans, not robots, buy tickets to our events. “

“Kasada has experienced impressive growth while expanding beyond Australia, with momentum among corporate clients in the e-commerce, hospitality, travel, fintech, online gaming sectors. and Internet services, ”added Hunter Somerville, Partner at StepStone Group. “The effect of bots on an organization’s profitability and customer experience has become a level C concern. Kasada has raised expectations of what an anti-bot solution should be. “


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