Noname Security Gains $135 Million in New Funding for Further Expansion

Noname Security has secured $135 million in Series C funding at $1 billion valuation to fund expansion of its go-to-market (GTM) and R&D teams.

Georgian and Lightspeed led the funding round. Existing investors Insight Partners, Cyberstarts, Next47, Forgepoint and the Syndicate Group (TSG) also participated.

Noname Security has raised $220 million in funding to date just one year out of stealth. That makes it one of the fastest-growing cybersecurity companies ever. In addition, it’s the first API security company to achieve unicorn status.

Noname’s Michael Baker

Michael Baker is Noname Security’s vice president of channel sales and channel chief.

“Noname’s partners will benefit from the increased resources that the company will be able to devote to GTM capabilities, as well as enhancements made to our platform through heavy investment in R&D,” he said.

Noname’s global Unnamed Partner Program (UPP) has more than 70 VARs, channel partners, technology partners, SIs, distributors and MSSPs. They will continue to play a pivotal role in Noname’s growth and expansion moving forward, Baker said.

“The channel is critical for Noname to scale,” he said. “Our stated goal is to go public in a couple of years. And we need an extraordinary channel program for that.”

Partners Instrumental to Noname Security’s Expansion

Partners are instrumental to Noname’s future plans as it uncovers new market opportunities, drives revenue and helps customers, Baker said.

“This funding will enable us to double our channel team over the next two quarters,” he said. “We are currently launching into Asia Pacific and we launched in EMEA six months ago. In this highly competitive market, our focus remains on the partner. How do we help them unlock new revenue opportunities and give them a competitive edge in accelerating their customer’s digital transformation while addressing API security risks and vulnerabilities.”

To date, Noname has discovered and remediated misconfigured APIs that would have led to the data leakage of billions of sensitive records. In addition, the platform now actively blocks over 1,000 attacks per day across its customers.

Michael Robinson is lead investor at Georgian.

“This investment is a testament to the extraordinary opportunity we see for Noname Security to shape the future of API security, a critical component of digital transformation,” he said.