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Venture Capital News: Signal Sciences Inks $15M Series B Funding

       
VENICE, CA, Signal Sciences, a security startup, raised $15 million in Series B funding.
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Signal Sciences today announced it is creating a completely new category of web application security solution with the launch of Signal Sciences Web Protection Platform (WPP), the industry's first true web protection platform. Built by former Etsy engineers and security leaders, the Signal Sciences WPP provides comprehensive threat protection for web applications, microservices, and APIs on any platform. Signal Sciences already protects more than 50 billion requests every single week. The launch of WPP comes on the heels of a $15 million series B funding round led by CRV. The investment enables Signal Sciences to aggressively scale to meet growing customer demand for its disruptive new technology.

Building web apps is now the life blood of every business, but the industry has not yet found a way to secure the modern development process as it evolves and accelerates. According to a survey of nearly 2,300 IT professionals, more than 50 percent of respondents view security as an inhibitor to DevOps agility. Legacy web application security technology, such as web application firewalls (WAF), can't keep up with the complexity of modern-day applications and severely limit the speed at which a business can operate and grow.

The legacy WAF market is under delivering. DevOps, agile, and cloud have created a huge innovation opportunity, contributing to the rapid growth experienced by Signal Sciences and its success with leading brands, including Under Armour, Etsy, Yelp, WeWork, Tenable, and Duo Security, among many others. In a key indicator of the solution's effectiveness, 95 percent of customers have Signal Sciences installed live in production with automated blocking enabled, a radical improvement over traditional legacy WAF installations averaging approximately 10 - 20 percent in full blocking mode. With its pioneering web protection platform, Signal Sciences is providing a menu of deployment options, breaking down silos between teams, and helping the entire enterprise operate more efficiently and at scale.

"Applications are being created and modified faster than they can be protected. Signal Sciences has created the first, and most efficient, defensive approach to security that I've seen in the market," said Murat Bicer, General Partner at CRV. "In tripling both their revenue - and Fortune 500 customer count - over the last year, the company is becoming a clear leader in the web protection market. There is a growing enterprise community in Southern California, and Signal Sciences is one of the most promising companies to look out for."

Signal Sciences WPP is the only solution in the application security market built by practitioners, for practitioners. The platform offers a menu of deployment options, including next-gen WAF and runtime application security protection (RASP) modules, and can also operate as a reverse proxy for legacy applications.

Key capabilities include:

- Works across any modern architecture - WPP supports all modern architectures, providing seamless strategic and tactical attack visibility to operations, development, and security teams. WPP is the only solution to work on any cloud, any container, any PaaS, and any IaaS.

- Protects against a full spectrum of real threats - WPP brings a breadth of security detections that go way beyond the OWASP Top 10. Signal Sciences detects and protects customers from OWASP Top 10, application DDoS, account takeover, custom business logic, and many other real threat models for modern applications.

- Integrations into existing security and operations tools already deployed - Signal Sciences comes with over 16 single click integrations, including Atlassian JIRA software, Datadog, PagerDuty, Slack, and Splunk, among others, and an API-first design that allows any integration to be created.

- Provides a network effect - As Signal Sciences adds customers to WPP, all other customers benefit from an increase in attack visibility and remediation.

"Security continues to slow down the adoption of DevOps and cloud as it grasps for solutions to these new business imperatives. We are changing that," said Andrew Peterson, CEO and Co-Founder of Signal Sciences. "Signal Sciences WPP allows security teams to collaborate with their development and operations teams to automate security and release secure software faster, thus enabling their business to run quicker."

About Signal Sciences

Signal Sciences built its industry-first web protection platform in response to frustrations of trying to use legacy technology while enabling business initiatives like DevOps and cloud adoption. Signal Sciences works seamlessly across cloud, physical, and containerized infrastructure, providing actionable security prioritization based on where applications are targeted, and blocking attacks without breaking production traffic. The company's clients include Under Armour, Etsy, Yelp/Eat 24, Shutterstock, Prezi and more. The company is headquartered in Venice, CA. For more information, please visit www.signalsciences.com

About CRV

CRV has been a leading investor in early-stage technology companies for almost half a century. The firm has backed nearly 400 startups in its 47-year history, including foundational companies like Twitter, Zendesk, Amgen, Hubspot, Parametric Technologies, Yammer, EqualLogic and Sonus Networks. Half of the companies CRV has backed have gone public or been acquired. The firm focuses on enterprise, consumer and deep insight bioengineering.
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