Noname Security becomes first API security unicorn with $135m Series C raise

API security firm Noname Security has secured $135 million in a Series C funding round, valuing the company at $1 billion.

Noname has raised $220m to date

The newly minted unicorn’s latest funding round was led by Georgian and Lightspeed, with participation from existing investors Insight Partners, Cyberstarts, Next47, Forgepoint and The Syndicate Group.

The cash will fund the global expansion of the Californian company’s go-to-market and R&D teams.

Noname has raised $220 million in financing to date after just one year out of stealth and says it has increased customer and revenue growth by over 400% each quarter.

Noname actively tests APIs for vulnerabilities and proactively analyses configuration, traffic and code to pinpoint active attacks.

The automated platform says it blocks over 1,000 attacks per day against its customers.

It claims to have discovered and patched up misconfigured APIs that would have led to the data leakage of billions of sensitive records.

Noname co-founder and CEO Oz Golan says this latest round of funding will also allow the firm to develop its technology to further mitigate the risks associated with deploying APIs.

“Enterprises across all industries are experiencing widespread digitisation, accelerating the adoption of thousands of new APIs and the critical need to secure them for businesses on a global scale,” Golan adds.