News
Salt Security Raises $70 million in Series C Funding
May 2021 by Marc Jacob
Salt Security announced it has secured $70 million in Series C funding, led by Advent International, one of the largest and most experienced private equity investors, through Advent Tech, with participation from Alkeon Capital and DFJ Growth. Existing investors Sequoia Capital, Tenaya Capital, S Capital VC, and Y Combinator also participated in the round. Salt will use the funds to expand its global operations across R&D, sales and marketing, and customer success.
To date, Salt Security has raised $131 million, $120 million of it in the last year. In the past 12 months, Salt has driven 400% growth in revenue, 160% growth in employees, and 380% growth in the API traffic it secures. This latest infusion of capital cements the company’s lead in the API security market, with the most funding, the most customers, the fastest growth, the most application environments and ecosystem integrations supported, the most use cases enabled, and the longest time in market to ensure the most advanced ML and AI algorithms for API attack prevention.
As APIs have proliferated as part of digital transformation, cloud migration, and application acceleration initiatives, API security incidents have risen in tandem, as attackers realize APIs are fruitful and lucrative to target. According to the most recent Salt Security State of API Security Report, in 2020, Salt customers’ average monthly call volume increased 51% while malicious API traffic grew 211%. According to Gartner, Inc., “By 2022, API abuses will move from an infrequent to the most-frequent attack vector, resulting in data breaches for enterprise web applications.”1
Salt Security offers a unique approach to API security with its flagship solution, the Salt Security API Protection Platform. The big data engine and AI and ML at the heart of the Salt C-3A Context-based API Analysis Architecture automates the continuous discovery of APIs and exposed sensitive data, stops API attackers during their reconnaissance activities, and delivers remediation insights. Needing no agents, software changes, or inline code, the patented Salt platform deploys quickly, with no impact on application performance.
Salt Security continues to grow its sales capacity and increase investments in its channel operations. Anton Granic has joined the company as Vice President of Worldwide Sales. Granic, who came to Salt from Nutanix, is focused on global expansion and partner enablement as Salt Security enters its next phase of growth.
Fortune 500 and market disruptors across FinServ, FinTech, Retail, and SaaS industries – including Equinix, Finastra, TripActions, Armis, and DeinDeal – trust Salt Security for its ability to protect the vital API-driven services and applications fueling business innovation today.
