Ghost Security Raises $15 Million to Defend APIs and Apps
Ghost Security, which its founders describe as an “app security” company, today emerged from stealth with $15 million in combined funding from 468 Capital, DNX Ventures, and Munich Re Ventures at a $50 million valuation.
Apps and APIs are at the core of organizations, but increasingly, apps and APIs have become attack vectors. Salt Security which sells an API protection product, estimates that “malicious” API usage grew 681% from December 2020 to December 2021. According to Pradeo Labs research, cybercriminals are targeting mobile devices most frequently used them to break in.
Ghost Security CEO Greg Martin claims that Ghost takes a “data science” approach to security to solve challenges that other vendors cannot. Whilst, Ghost’s product hasn’t launched yet, Martin said that the company’s technology delivers visibility and risk protection for apps and their dependencies, including services and APIs, in both cloud and on-premises environments.
“As an industry, we are still seeing a lot of legacy thinking around how to deal with the application, data, and microservice sprawl that large scale cloud adoption has created,” Martin said in a press release. “Existing approaches and application security solutions are now dated and losing effectiveness. At Ghost, we are completely rethinking the approach to securing modern applications from the ground up.”
The capital will go toward expanding the team, building Ghost’s product, and launching pilots with potential customers.
Ghost competition are already ahead, where Salt Security has raised tens of millions of dollars for its tech to protect APIs. Noname, another company aiming to solve API security problems, hit a $1 billion valuation after a $135 million Series C raise last December. Traceable AI, 42Crunch, and Cequence offer comprehensive API security services, too, while on the app security side, there’s vendors like Astrix Security and Enso Security.
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