Kasada, an Australian cyber security company, has bagged funding of $10 million to expand its operations in the United States. Ten Eleven Ventures, a cybersecurity venture capital specialist, led the Series B round of funding, in addition to existing investors Reinventure (Westpac’s venture capital arm) and Main Sequence Ventures. The company also announced that Alex Doll, Ten Eleven’s Managing Partner, will be joining Kasada’s board.
Regardless of the company size, $29 billion is the estimated annual cost of cyber crimes to Australian businesses [1]. Strong cyber walls are needed to save businesses, big or small, from losing their data. Kasada‘s cyber security builds efficient technology that offers multi-platform protection from malicious attacks.
About the U.S. expansion
Kasada was founded in 2015 by Sam Crowther. The company has already set up an office in New York in 2019. The cyber startup says that it will use the new funds to continue its expansion in the United States. Kasada claims that its business in the United States is going great. In the first quarter of the year, it has generated 200% revenue growth, despite COVID-19 affecting all sectors of the economy.
Apart from this, Kasada will also invest money received in funding for research and development of new cyber security products.
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About Kasada
Kasada specializes in securing infrastructure by providing protection against cyber attacks. Headquartered in Sydney, the company protects the infrastructure of businesses by using its fingerprinting technology and complex algorithms.
Kasada majorly focuses on stopping automated attacks. The cyber startup seeks to tackle what it believes to be one of the biggest e-commerce and online business challenges, which is data-scraping. It claims that the solution they provide is tailored for a broad range of sectors which is inclusive of e-commerce, financial services and hospitality.
Crowther said that most companies use CDN or WAF or legacy cybersecurity vendors to protect their business from malicious automation. He says, “When Kasada entered the market, the usual solutions seemed to be inefficient and costly to deploy and maintain.” The founder said the solution offered by Kasada invisibly foils even the most dangerous, and often unsuspected, web traffic problems with ease while preserving the customer journey.
Source
[1] Jim Chalmers (2019) “Address to nab national cyber security summit” [Online] Available from: https://www.jimchalmers.org/media/speeches/address-to-nab-national-cyber-security-summit/ [Accessed June 2019]
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