ZENEDGE, a leading provider of cloud-based, artificial intelligence (AI) driven Web Application Firewall (WAF) and Distributed Denial of Service (DDoS) cybersecurity Infrastructure-as-a-Service (IaaS) provider, announced today it has completed a Series C investment led by growth equity investor Pilot Growth Equity (“Pilot Growth”). Pilot Growth has led the round with a $5 million investment, with additional funds coming from Zoho Corporation (“Zoho”), as well as from existing investors TELUS Ventures and Yehuda Neuberger. The financing will be used to fund ZENEDGE’s continued global expansion, sales and marketing activities and for further investment in its patent-pending technology. William Lee, co-founder and managing director at Pilot Growth, will join ZENEDGE’s board of directors. With this new Series C round, total investment in the company is $13.7 million.
Founded in July 2014, ZENEDGE provides organizations a cloud-based enterprise-class, managed cybersecurity IaaS to help secure their web applications and networks against vulnerabilities and DDoS attacks. Unlike other Web Application Security solutions in the market, ZENEDGE leverages patent-pending deep machine-learning capabilities to detect anomalies, dynamically alter security postures, and initiate auto-mitigation and automatic routing with minimal to zero human intervention. This allows the company to provide better cybersecurity and faster time to mitigation than traditional cloud and on-premise cybersecurity vendors, ultimately resulting in less and shorter business interruptions, while helping reduce operational costs.
“ZENEDGE has rapidly established a significant leadership position in the fast growing, high demand cloud cybersecurity space,” said William Lee, co-founder and managing director at Pilot Growth. “What distinguishes ZENEDGE is its disruptive approach to cloud-based cybersecurity with a focus on automation, artificial intelligence and machine learning, that is already re-defining the cybersecurity market, and positions the company well for continued leadership and growth. Pilot Growth is honored to partner with ZENEDGE and we look forward to working closely with their outstanding management team and board to maximize the company’s potential.”
“We are thrilled to welcome Pilot Growth to lead our Series C round and have William Lee join our board of directors, as they represent a partner that provides us not only with capital, but vast strategic experience and relationships,” said Yuri Frayman, founder and CEO of ZENEDGE. “In addition to Pilot Growth, we are also excited to welcome Zoho, already a strategic ZENEDGE customer, as a new investor in this round.”
“Frequency, sophistication and complexity of cyber-attacks are increasing every day. We see this first-hand as a global SaaS provider,” said Sridhar Vembu, CEO of Zoho. “As a ZENEDGE customer, we are very impressed with both the sophistication of the platform as well as the know-how of the ZENEDGE technical team, and excited about the opportunity to invest in the company and participate in its growth and success.”
"Cybersecurity is a critical area of our business, and ZENEDGE reinforces our ability to safely protect business customers against Internet-based threats," said Rich Osborn, Managing Partner of TELUS Ventures. "Through our investment, we are now offering ZENEDGE’s cloud-based technology to our customers, while helping the company expand its Canadian and international presence."
ZENEDGE has experienced explosive growth to become a premier provider of cloud-based cybersecurity solutions with numerous patents pending. ZENEDGE’s offering is packaged as a cloud cybersecurity platform coupled with a 24/7 managed service, and it is supported by security operations centers strategically located in the continental US and Europe. The company is planning to leverage the Series C funding to further accelerate growth by investing in sales and marketing activities and global expansion.
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