Signal Sciences, an LA-based firm that helps customer secure their web applications, announced a $35 million Series C investment today.
Leading Edge Capital led the round (which seems appropriate, given its name). CRV, Index Ventures, Harrison Metal and OATV also participated. Today’s investment brings the total raised to around $52 million, according to the company.
The company helps protect web applications like online banking, shopping carts, email or any application you access online. It acts as a protection layer or firewall around the application, Andrew Peterson, CEO and company co-founder told TechCrunch.
“We protect people’s websites or mobile sites. We have software that actually fits in line between the internet and traffic coming into those web application and all of the data that are behind it,” Petersen explained. It sounds simple enough, but given the onslaught of breaches we have seen across the internet, it’s obviously a difficult problem to solve.
Signal Sciences looks at behavior and tries to determine if it’s malicious. “We combine attack information with behavior about what attacker is doing.” He says this gives customers a real understanding of the behavior of the attacker and what they’re trying to do against their site, instead of trying to randomly trying to determine if each suspicious activity is an attack or not.
Petersen won’t identify a specific number of customers. He feels it’s a misleading metric because some of his large enterprise customers have multiple business units running almost as independent entities and it doesn’t necessarily reflect the size of the business. He will say that Signal Sciences is protecting over 10,000 applications involving 1 trillion requests every month from companies like Adobe, Under Armour and WeWork.
The company is up to 150 employees, a number Petersen says has been doubling every year. That trend is expected to continue with this new influx of money. The company wants to get the word out to more customers and help people understand there is a way to attack this problem.
“We started this company to build an innovative technology. We want to continue to drive the bar up for what customers should be expecting from their web protection in the future,” Petersen said.
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