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Kasada intends to use the Series C funding to accelerate its sales in the United States and expand its research, support, and marketing departments in order to meet the growing demand for their direct approach.
Fremont, CA: "Businesses are tired of bot mitigation solutions that are difficult to operate, time-consuming to maintain, and cannot keep up with the latest tools bot operators use," said Sam Crowther, Kasada Founder and CEO. Kasada, the most effective and simple solution to guard against advanced bot attacks, has raised $23 million in Series C funding, increasing the company's total capital to $39 million. Ten Eleven Ventures, Main Sequence Ventures, Reinventure (Westpac's venture capital arm), Kasada's own Innovation Fund, and Turnbull & Partners participated in the investment round, which was led by new investor StepStone Group (who recently bought venture capital platform Greenspring Associates).
Kasada's revenue has increased by 230 percent since its Series B investment in mid-2020. To capitalize on the demand for its cybersecurity solution in the United States, the company expanded its go-to-market capabilities, defensive platform, and operations. Kasada now protects over $20 billion in eCommerce each year and prevents over 5 billion monthly requests from being missed by antiquated systems. Furthermore, more than 85 percent of Kasada's customers had previously used alternative bot mitigation providers before switching to Kasada's current methodology.
Kasada has devised a novel approach to bot mitigation, aimed to overcome the limitations of existing approaches. By irritating and striking back at attackers, the company's current anti-bot technology delivers immediate and long-term protection. It prevents automated attacks from ever entering an organization's infrastructure by stopping them in real-time. Data analysis and machine learning (ML) from billions of bot interactions support this. Kasada's platform, unlike first-generation services, does not rely on defining rules, giving risk scores, or using CAPTCHAs. As bot operators regularly modify their methods against websites, mobile apps, and APIs, the platform adapts to new approaches and attacks.