According to a recent Forrester report, the application security solutions market will grow from $4.7 billion in 2019 to $12.9 billion by 2025, and bot management will overtake traditional Web Application Firewall (WAF) solutions.
To bet big on the growing space, Manchester-based cybersecurity startup Netacea has raised $12 million (£9 million) in Series A funding, its largest investment to date.
The round saw the participation of long-term backer Mercia Asset Management and investors such as Rupert Cook, chairman of Netacea; Gerhard Watzinger, chairman of Crowdstrike; Marcin Kleczynski, CEO of Malwarebytes; Alex Eckelberry, NED of Malwarebytes and former non-executive director of KnowBe4; and John Viega, former CEO of Capsule8.
The capital will help the startup to expand its presence in the U.K. and the U.S., where the business sees significant opportunity for growth.
Jeremy Gidlow, CEO and co-founder, Netacea, said: “We can now take Netacea from a new product to an established and confident business. We have already won some big U.S. customers and look forward to continue our push into the U.S.”
Taking a smart approach to bot management, the cybersecurity business detects and mitigates against bot attacks that target mobile, website and API applications. Its agentless approach does not require code to be inserted on customers’ web pages, allowing it to stay hidden from attackers while also protecting mobile apps and APIs.
Alex Eckelberry, NED, Malwarebytes, said: “Security suites need to be supported by dedicated bot management solutions that can respond to new threats and take advantage of new threat intelligence. A simplistic rules-based approach to bot management won’t cut it anymore.”
The platform’s presence in the U.S. has grown quickly in the last few months, landing several big-name customers, including Shutterstock. In the U.K, the company has clients such as ClearScore, William Hill and All Saints.