L7 Defense raises $4m in a Series A funding round //15.01.21
As research by Plexal and Beauhurst shows, overall investment into the UK’s cyber innovation ecosystem is increasing but early-stage startups are finding it more challenging to secure funding for the first time. In fact, funding for companies raising their first round from March-December 2020 was 96% lower than the same period the previous year. So it’s particularly impressive that cyber startup L7 Defense, which graduates from LORCA’s fourth accelerator programme this month, has raised $4m in a Series A round.
The round was led by Germany-based TRUMPF Venture with participation from India-based Quick Heal Technologies. L7 Defense says it plans to use the injection of cash to solidify its technological leadership, boost awareness of its core technology and grow in international markets.
The company‘s award-winning Ammune is an enterprise-grade API (application programming interface) security solution. It autonomously monitors, detects and blocks API attacks to a very high level of accuracy, freeing security teams from managing endless configurations and rules. “L7 Defense’s solution truly disrupts the way APIs are protected,” said Dr Doron Chema, L7 Defense’s co-founder and CEO. “Our Ammune platform presents a significant breakthrough at AI/ML-based cybersecurity, which enable meeting these demands while protecting APIs’ traffic at scale.”
Commenting on why L7 Defense was an attractive investment opportunity, Dieter Kraft, managing director of TRUMPF Venture, said that API security is becoming critical for the financial, infrastructure and energy sectors and that the growth of smart factories was also making it more and more important. He said: “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.”