The French cyber security startup EfficientIP has secured $11m (£8.4m) in Series B funding to build out its product offering and international business.
Founded in 2009, the firm defends businesses against attacks on the domain name system (DNS), the so-called address book of the internet which converts domain names into IP addresses.
Hackers can exploit vulnerabilities in the DNS to carry out distributed denial of service (DDoS) attacks, which knock websites and applications offline, and to send users to fraudulent phishing websites that harvest their credentials.
According to recent EfficientIP research, the average cost of a DNS attack in the financial services industry rose by 40 per cent last year to $1.3m (£1.1m). Nearly half of financial organisations were targeted by DNS-based phishing scams, 45 per cent suffered cloud service downtime and 68 per cent experienced in-house application downtime.
Commenting on today’s news, EfficientIP chief executive David Williamson said: “Today’s investment will enable us to accelerate our expansion on a global scale. The market opportunity for [our] solutions is growing, and we look forward to capitalising by increasing our sales force to meet current demand, and driving further innovation”.
The funding was provided by Jolt Capital. The firm’s partner Guillame Girard said: “We’ve been tracking EfficientIP for some time, and have been impressed with their continued ability to deliver on ambitious growth plans.
“EfficientIP fits perfectly in our target scope, combining deeptech assets enabling leading-edge solutions and a highly motivated top-tier team in a market which is expanding quickly. Given its increasing market footprint with Fortune 500 customers, EfficientIP is well poised for strong growth.”
The post DNS defence specialist EfficientIP raises £8.4m in Series B funding appeared first on NS Tech.