Artificial intelligence-driven application programming interface security startup Neosec launched out of stealth mode today with an announcement that it has raised $20.7 million in new funding.
The Series A round included True Ventures, New Era Capital Partners, TLV, SixThirty and individuals such as Mark Anderson, Gary Fish, Mickey Boodaei and Rakesh Loonkar.
Co-founded in 2020 by Ziv Sivan and Giora Engel, Neosec builds from previous experiences in developing precision security behavioral analytics. Engel was a co-founder of behavioral attack detection firm LightCyber Ltd., acquired for $105 million by Palo Alto Networks Inc. in 2017. Mark Anderson, former president of Palo Alto Networks, is also the founding investor and chairman of the Neosec board.
Neosec pitches itself as taking a different approach from today’s traditional application security tools that rely on protecting a perimeter using signature-based methodologies. Instead, Neosec brings established techniques from Extended Detection and Response security products, including precise behavioral analytics, to reveal threats and business abuse hiding inside APIs.
The company argues that as APIs now represent a substantial portion of an organization’s traffic, their rapid adoption has made them a conduit for misuse, manipulation, theft and attack. Neosec believes that most enterprises underestimate the risk because they lack a comprehensive inventory of APIs and are unaware of the scale of unknown shadow APIs. They also have no way to assess what is being done within an API.