Perimeter 81 Hits Unicorn Status After B Capital-Led $100M Round

Tel Aviv-based Perimeter 81 became the latest “cyber-corn” after the cybersecurity firm announced a $100 million Series C led by B Capital that values the company at $1 billion.

Other investors in the round include Insight Partners, Toba Capital, ION Crossover Ventures, Entrée Capital and Spring Ventures.

Perimeter 81’s platform enables businesses to secure remote access, network traffic and endpoint devices, and enforce zero-trust network access, where there is no implicit trust on a network and information must be continuously validated.

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The company, which has more than doubled its annual recurring revenue year to year, will use the new cash for hiring and development, it said in a release.

“The rise of remote work, cloud adoption, fiber, and 5G has created a fundamental shift in the network security landscape, leading companies to replace their on-premises network and security appliances with a secure corporate network over the internet,” said co-founder and CEO Amit Bareket in the release.

Cybersecurity bucking the trend

While venture funding has cooled in recent months, cybersecurity seems like the Energizer Bunny of fundraising, as it just keeps going.

The fact that ransomware and attacks by various bad actors are continuously in the news likely has helped push interest in the sector, as has a changing workforce dynamic where more employees work from home and need different security tools.

The minting of Perimeter 81 as a unicorn makes it a baker’s dozen for the year in the sector, according to Crunchbase numbers. Others that have joined the unicorn count this year alone include eSentire, Beyond Security, Salt Security, Aleo, Veriff and SparkCognition.