Enterprise API security startup Noname Security raises $60M

Enterprise application programming security startup Noname Security today announced it has raised $60 million in new funding amid fast growth.

Insight Partners led the Series B round. Other investors included Next47, Forgepoint, The Syndicate Group, Cyberstarts and Lightspeed Venture Partners. Including the new funding, Noname Security has raised $85 million in venture capital funding to date.

Founded in 2020, Noname offers a holistic security platform that is designed to allow enterprises to see and secure managed and unmanaged APIs. Designed to “eliminate API blind spots,” the platform is aimed at protecting enterprises from data leakage, authorization issues, abuse, misuse and data corruption.

From discovery and analysis to remediation and testing covering every aspect of API security, the company’s platform creates a complete inventory of an organization’s APIs. It then uses AI and machine learning to detect attackers, suspicious behavior and misconfiguration.

Discovered API vulnerabilities are remediated by integrating with existing security infrastructure and blocking attacks in real time, without the need to deploy agents or requiring network modifications. The platform can also be used by customers to test APIs before deployment, preventing vulnerabilities from ever going into production.

Noname Security also pitches one of its advantages as offering a turnkey design. Compared with competing products, Noname doesn’t rely on software agents to monitor applications and processes. The company argues that agents decrease network performance and need to be installed, configured and updated, whereas Noname integrates seamlessly with clouds, on-premises environments and other security and information technology management tools. 

“There’s a lot more to API security than just protecting against external attacks,” explained Oz Golan, Noname’s co-founder and chief executive. Noting that the company monitors the relationships and flows of information between all internal and external APIs, Golan added that “by discovering and analyzing everything in real-time, it protects the entire environment throughout the API lifecycle before something goes wrong.”

Only founded in 2020 and launching out of stealth mode in November, Noname Security has already signed 40 technology, reseller and channel partners and hundreds of enterprise customers either in production or evaluating the platform. Notable customers include MuleSoft Ltd., Trace3 Inc., Evotek Inc., MS3 Inc. and Opus Consulting.

Image: Noname Security