Originally posted on Business Insider.
Lightspeed, Insight Partners and Cyberstarts invest $25M to help enterprises gain visibility and control over threats created by the explosion of APIs.
Noname Security, the enterprise API security company, launched from stealth today with $25 million in funding from Lightspeed, Insight Partners and Cyberstarts. Noname is the only holistic security platform that lets enterprises see and secure managed and unmanaged APIs exposed by the organization, consumed by the organization or used internally, thereby eliminating the API security blind spots that exist in most businesses today.
Digital transformation encourages companies to leverage APIs extensively to grow business and promote innovation. However, many have an underdeveloped API security strategy, which creates a major attack surface. Gartner has stated that "by 2022, API abuses will move from an infrequent to the most-frequent attack vector, resulting in data breaches for enterprise web applications."(*)
Noname provides an agentless security platform that gives enterprises a complete view into the activity and threats in their environment. Frictionless to deploy, Noname integrates with existing IT infrastructure and gives businesses visibility, security, and control over any API, whether on or off the corporate API gateways. With Noname, enterprises are able to gain the productivity benefits of using APIs without sacrificing security.
"Application security has a huge blind spot," said Oz Golan, CEO and co-founder of Noname. "A leaky API on T-Mobile’s website exposed customer data. The US Postal Service API vulnerability exposed personal information of 60 million users of its online service. The fact you cannot place agents on every application server, and you cannot trust network architecture to funnel all APIs through a single gateway, means we need a new approach. We built Noname to give enterprises complete visibility into all APIs in their environment without requiring an agent or relying on API gateways. We can stop APIs from compromising corporate assets, regardless of whether those APIs are managed by IT or not."
"Noname's holistic solution to API security is spot on. The breadth and depth of insights provided while being so easy to deploy is magic," said Joseph Tso, a leading banking CISO.
Founded in 2020, and headquartered in Palo Alto, California, with an office in Tel Aviv, the Noname team is composed of top engineering talent from Israel and experienced Silicon Valley technology leaders. Noname CEO and co-founder Oz Golan was Director of Engineering at NSO. He served with co-founder and CTO Shay Levi in the selective Unit 8200 of the Israeli Defense Forces, whose alumni also founded Check Point, Waze (acquired by Google) and Palo Alto Networks.
Gili Raanan, Cyberstarts founder, was the first to partner with Noname, while Guru Chahal, Partner at Lightspeed Venture Partners, and Thomas Krane, Principal at Insight Partners, joined to close the Series A round.
"The exponential growth of APIs introduces risk that most enterprises are not prepared to handle," said Gili Raanan of Cyberstarts. "Oz and Shay's strong vision combined with their decision to blend top Israeli engineering talent with sales and marketing executives from Cylance, Armis and NSO set them up for success."
"Noname presents a big opportunity to help enterprises navigate the uncharted territory of APIs in their environment," said Guru Chahal of Lightspeed Venture Partners. "We were impressed with how the team has really listened to their customers to deliver what businesses need. Customers especially liked the on-click frictionless deployment for API discovery and stopping unauthorized access to their applications."
"Our investment in Noname represents Insight’s commitment to partnering with the next generation of Israeli software ScaleUps," said Thomas Krane, Principal at Insight Partners. "Noname’s pure-play API security platform delivers on the long-awaited hope for true runtime application security and will enable enterprises to continue their digital transformation without sacrificing security. We are thrilled to partner with Oz, Shay, and the rest of the team to bring the Noname product to the global enterprise community."
To learn more about Noname visit: www.nonamesecurity.com
(*) Gartner, API Security: What You Need to Do to Protect Your APIs, Mark O’Neill, Dionisio Zumerle, et al., 28 August 2019.
About Noname Security
Noname Security eliminates API security blind spots and protects enterprises from data leakage, authorization issues, abuse, misuse and data corruption with no agents and no network modifications. Fortune 500 companies trust Noname's holistic API security platform to see and secure their APIs. Noname is a privately held company headquartered in Palo Alto, California, with an office in Tel Aviv. www.nonamesecurity.com
About Lightspeed Venture Partners
Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, and Health sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 400 companies globally, including Snap, Nest, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, StitchFix, and GrubHub. Lightspeed and its affiliates currently manage $10.5B across the global Lightspeed platform, with investment professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia and Europe. www.lsvp.com
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. www.insightpartners.com
Cyberstarts is a venture capital firm focused on cybersecurity and is backed by successful cybersecurity entrepreneurs. Cyberstarts is a leading platform for amazing teams of entrepreneurs solving the next big pain points in the cybersecurity world. Cyberstarts founder, Gili Raanan, was the first investor in cybersecurity-focused companies like Armis, Adallom, Axis and Fireblocks. www.cyberstarts.com