Israeli PerimeterX, a cybersecurity company that produces behavior-based threat protection technology for cloud, web and mobile, has secured $23 million in Series B funding. The round was led by Canaan Partners, with participation from existing investors Vertex Ventures and Data Collective.

According to the company, its Bot Defender product blocks hundreds of millions of bot attacks every day. In 2016, bot activity caused $2.6 billion of losses from account takeovers, $7.2 billion in advertising fraud, and $950 million in electronic gift card fraud.

“Next-generation automated web attacks today threaten the integrity of the web by impersonating humans and abusing business logic rather than breaching systems, and they even harm the integrity of our political system by spreading fake news,” said Omri Iluz, CEO of PerimeterX in a statement. “With cutting-edge artificial intelligence and machine learning, the PerimeterX platform technology is purpose-built to address this problem head-on by detecting and blocking the most advanced malicious bots in real-time, at any scale.”

The company will use the funding to further develop its bot attack prevention technology, expand in the US and internationally, and broaden its platform into new areas.

Read more: Global Newswire (Press release)

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