Krystal Hu

Perimeter 81 announced Monday that its backers have valued the Israeli cybersecurity firm at $1 billion. This is a unicorn status for the company, which was founded after it raised $100 million in order to finance product development.

B Capital led the round. This was a significant increase in company valuation since August 2020’s last raise, which saw it valued at $200 millions. The round was also attended by ION Crossover Ventures as well as Insight Partners, an existing investor.

Perimeter 81’s cloud-based platform offers security network solutions for hybrid employees, such as Zero Trust Network Access, Firewall As a Service and VPN as a Services.

Although the company is still not profitable after four years, it said that its annual recurring revenues have more than doubled year-over year and are on pace to earn tens or millions of dollars this year.

Amit Bareket (co-founder and chief executive of Perimeter 81) stated that the new capital would be used to invest in product development. This will help to achieve Perimeter 81’s goal of creating a platform offering one-stop solutions to corporate network security.

Bareket explained that with employees working remotely and businesses shifting to the cloud we have doubled our effort to make a platform that will enable businesses of any size to set up a secured corporate network using the internet, without the need to install any infrastructure.

Tel Aviv’s company is headquartered in Tel Aviv. It initially targets medium-sized companies with fewer that 5,000 employees. But, the Zero-Trust Network Access offering quickly became the most popular. This area has seen more investment by businesses to meet remote work requirements. Traditional security appliances such as on-premise firewalls have become less important.

Perimeter 81 has opened offices in New York City and Los Angeles. The company claims to serve about 2,400 global customers across industries, including IT company Ingram Micro and telehealth firm Hims & Hers, with more than half of its revenue coming from the United States.