API Security Pioneer L7 Defense raises $4m in Series A Funding from TRUMPF Venture and Quick Heal Technologies
L7 Defense intends to extend its technological leadership and expand its business in the global market
JERSEY CITY, N.J., Jan. 14, 2021 /PRNewswire/ -- L7 Defense, a leading cyber security technology pioneer and the provider of the award-winning Ammune™ enterprise-grade API (application programming interface) security solution, announced today that it has successfully completed a financing round of $4m, led by Germany-based TRUMPF Venture with participation from India-based Quick Heal technologies. The funds will be used to solidify its technological leadership, boost its marketing and business development activities, and extend its market reach.
API-centric architectures have become standard in modern IT systems, providing easy access to valuable data and capabilities. Although this unlocks tremendous value to interconnected ecosystems, it also opens-up a new cyberattack vector, yet not sufficiently protected by traditional mechanisms. APIs require an updated AI-based security paradigm, which is mostly free of writing or maintaining API specific policies, while safely protecting it from a full range of cyber-attacks. "L7 Defense's solution truly disrupts the way APIs are protected," said Dr. Doron Chema, L7 Defense Co-founder and CEO. "Our Ammune™ platform presents a significant breakthrough at AI/ML-based cyber security, which enable meeting these demands while protecting APIs' traffic at scale."
"This funding round will enable us to further extend our technological leadership, to increase our international exposure and gain further market awareness. We are thrilled and energized to have the support of TRUMPF Venture and Quick Heal technologies and are delighted to welcome them to the L7 Defense family," said Yisrael Gross, L7 Defense co-founder and VP Business Development. "This vote of confidence reinforces our resolve and motivation to become the API security leader in this extremely dynamic market."
"We are excited to join the L7 Defense board and support the company's international expansion," said Dieter Kraft, Managing Director of TRUMPF Venture. "API security becomes critical for all major industries, including the financial, infrastructure and energy sectors, but also the industrial production that sees increasing adoption of smart factories. L7 Defense represents for us a unique combination of leading technology, a most favorable market, and a focused technology-leading management team. We have the highest confidence in the company's ability to become the ultimate leader in the API security domain."
Dr. Kailash Katkar, Managing Director and Chief Executive Officer, Quick Heal Technologies, said, "At Quick Heal Technologies, we are always on the lookout for right investment opportunities by evaluating new platforms and technologies that enable us to support the digital transformation journey of our customers. We have been very pleased with the performance of L7 Defense since our first investment. The company has proven its unique capabilities in the area of API Security and NG-WAF which led us to further increase our investment."
ABOUT L7 DEFENSE
L7 Defense is an API security startup company. Its Ammune™ solution actively protects APIs and API-based applications from related threats, while utilizing unsupervised, innovative AI/ML technology. Ammune™ solution was recognized by Frost & Sullivan as leading the API Security market and is known for its unsurpassed automation, superior threat coverage while keeping normal traffic undamaged. It is deployed at financial, telecom and SaaS sectors in North America, Europe, and APAC.
For more information about L7 Defense and its products, visit www.L7Defense.com.
ABOUT TRUMPF VENTURE
TRUMPF Venture extends the TRUMPF group's comprehensive activities to promote innovation and to detect disruptive technologies and business models early on. Out of a first fund of 40 million euros, the corporate venture capital arm invests globally in early-stage start-ups active in areas complementary or adjacent to the TRUMPF core, such as Advanced Photonics and Smart Factory Solutions. Funded start-ups benefit from an extensive network, deep domain knowhow, proven skills in scalability as well as support to access the TRUMPF group and its ecosystem. The requirements for a potential investment are a strategic fit, a high innovation leverage and differentiation in business model or technology, an experienced management team and risk adequate financial returns.
The TRUMPF group is the world technological and market leader for machine tools used in flexible sheet metal processing as well as industrial lasers and achieved sales of 3.5 billion euros in 2019/20.
Find out more about TRUMPF Venture at www.trumpf.com/s/venture.
ABOUT QUICKHEAL TECHNOLOGIES
Quick Heal Technologies Limited is one of the leading providers of IT Security and Data Protection Solutions with a strong footprint in India and an evolving global presence. Incorporated in the year 1995, with a registered office in Pune, it is an all-round player in cybersecurity with presence in B2B, B2G and B2C segments across multiple product categories – endpoints, network, data and mobility.
With its state-of-the-art R&D centre and deep intelligence on the threat landscape, Quick Heal helps in simplifying security by delivering the best in class protection against advanced cyber-attacks. Its portfolio includes solutions under the widely recognized brand names 'Quick Heal' and 'Seqrite' across various operating systems and devices.
For more information, please visit: https://www.quickheal.co.in.
Forward-Looking Statements:
This press release contains forward-looking statements including, but not limited to the technical, operational and financial benefits of L7 Defense's solutions. These statements are not guaranteeing of results and should not be considered as an indication of future activity or future performance. Actual results may vary materially from these expectations as a result of various risks and uncertainties.
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Media Contact:
L7 Defense
Ilan Paretsky
Email: ilan@l7defense.com
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