Company triples recurring revenue amid increased customer demand for advanced cyber threat protection
TEL-AVIV, Israel, April 21, 2021 – Perception Point, a leading email and collaboration security company, offering fast interception of content-based attacks as a service, announced today it has raised $28 million in Series B, bringing the total funding to $48 million. The new funding round was led by Red Dot Capital Partners and joined by global investor NGP Capital along with existing investors Pitango Venture Capital and State of Mind Ventures (SOMV). Yoram Oron and Atad Peled from Red Dot Capital Partners, and Bo Ilsoe from NGP Capital will be joining the company’s board of directors. Funds from this round will be used to fuel rapid growth, expand to new markets, accelerate product innovation and grow the team to support customer demand.
In 2020, Perception Point recorded its most successful year since its inception. The company tripled its recurring revenue and expanded its customer portfolio to include users from multiple industries, such as telecom, tech, retail, food and beverage, healthcare, financial services, and more. The company also doubled its number of Fortune 500 customers and developed a strong network of partners, including global resellers and MSSPs.
The need for enterprises to be agile, data savvy, and responsive to any change has only intensified since the COVID-19 pandemic outbreak. As a result, companies now deploy on average 6 different communication and collaboration solutions to support their business operations, including email, cloud storage platforms, messaging apps, CRM, and more to help them communicate with internal and external stakeholders. These growing numbers of channels are fertile ground for cybercriminals to launch content-based attacks.
Perception Point has formulated a comprehensive three-pillar approach for protecting businesses from content-based attacks, which provides the most effective detection, supports admins and end-users with full Incident Response services, and covers all communication channels. In addition, the solution is offered through easily implementable API technology, enabling clients to get immediate protection. This combination enables Perception Point to not only intercept more incidents prior to compromising end-users, but also ensures that all events are fully and rapidly contained and remediated. It is a cybersecurity service that works for its users, and not the other way around.
“Perception Point is perfectly positioned to capture the rapidly growing yet untapped messaging and collaboration market. We are pleased to join forces with the company and the other investors to help the company expand to new verticals and other parts of the world,” said Yoram Oron, chairman and managing partner at Red Dot Capital Partners. “The beauty of Perception Point is that it addresses challenges that many companies encounter today, offering a 360-degree, SaaS solution that enhances enterprise security and allows users to become more agile and responsive.”
“We are strong believers in the Israeli cybersecurity ecosystem and its vision,” commented Bo Ilsoe, Partner at NGP Capital. “Perception Point is a great example of a startup solving complex problems with innovative ‘hacks’ in the development of its core IP, leveraging rapid API-based integration and the cloud to provide instant value to customers while continuing to gain strong commercial and technological momentum. We are glad to be part of the company’s journey.”
“Our prevention-as-a-service approach solves the customers’ most advanced messaging and collaboration security challenges, showing value immediately,” said Yoram Salinger, CEO of Perception Point. “We combine a 7-layer platform that easily and quickly integrates with any application along with a comprehensive Incident Response service to ensure flawless prevention, monitoring, and remediation of any attack.”
About Perception Point:
Perception Point is a Prevention-as-a-Service company, offering fast interception of any content-based attack across all collaboration channels, including email, cloud storage, CRM apps, and messaging platforms. The company prevents phishing, BEC, spam, malware, Zero-days, and N-days well before it reaches enterprise users. Deployed in minutes with no change to the enterprise’s infrastructure, the Perception Point solution confirms with any policy and requires zero fuss from IT teams. The company’s Incident Response team serves as a force multiplier to the enterprise’s SOC team.