Perimeter 81, Israel-based cyber security company, has raised $100 million to fund product development.
The VC funding round was led by B Capital with participation from ION Crossover Ventures and existing investor Insight Partners.
Perimeter 81 offers secure network solutions for the hybrid workforce on its cloud-based platform, including Zero Trust Network Access, Firewall as a Service, and VPN as a Service.
The four-year-old company, which is not yet profitable, said it has more than doubled its annual recurring revenue year-over-year, and is on track to generate tens of millions of dollars in revenue this year.
The fresh capital will be invested in product development to help achieve the company’s goal to build a platform that offers one-stop solutions for corporate network security, said Amit Bareket, co-founder and chief executive officer at Perimeter 81.
The Tel Aviv-headquartered company, which initially targeted medium-sized enterprises with fewer than 5,000 employees, has emerged as the top player in Zero-Trust Network Access offering.
Perimeter 81 now has offices in New York and Los Angeles. The company claims to serve about 2,400 global customers across industries, including IT company Ingram Micro and telehealth firm Hims & Hers, with more than half of its revenue coming from the United States.
