Perimeter 81 said its investors now valued the Israeli cybersecurity company at $1 billion, providing it unicorn status after the firm secured $100 million to fund product development.
B Capital led the funding round and it marked a jump in valuation from its last raise in August 2020, when the firm was valued at $200M. Insight Partners, an existing investor, and ION Crossover Ventures participated in the round.
Perimeter 81 offers secure network solutions for hybrid workforces on its cloud-based platform, including Firewall as a Service, Zero Trust Network Access, and VPN as a Service.
The four-year-old firm is not yet profitable. However, Perimeter 81 said it had more than doubled its annual recurring revenue year-over-year and was on track to make tens of millions of dollars in revenue this year.
Amit Bareket, the co-founder and CEO of Perimeter 81, said the new investment would be used in product development to help achieve the firm’s goal to build a platform that offered one-stop solutions for corporate network security.
The Tel Aviv-based firm, which initially targeted medium-sized businesses with fewer than 5,000 employees, has quickly emerged as a pioneer in Zero-Trust Network Access offering, a sector firms have been investing more to accommodate remote working requirements during the COVID-19 pandemic, as traditional security structures such as on-premises firewalls are becoming less relevant.