The startups that provide cybersecurity protection to applications against business logic attacks Cequence Security secured $17 million in Series B round of funding concluded recently.
This funding round was led by Dell Technologies Capital and saw other participants such as the Shasta Ventures. It is important to point out that Shasta Ventures led Cequence Security’s Series A round of funding held last year in which the startup raised $8 million. As to-date, Cequence Security has raised a total of $30 million.
According to the company’s CEO Larry Link, Cequence Security protects applications from attacks that masquerade themselves as normal behavior, while in fact, are trying to cripple the service.
The firm looks for automated bot attacks on business logic like reputation bombs, shopping bots, content scraping, account takeovers, fak accounts creation, and denial of inventory attacks. This cybersecurity firm provides this protection by using a three-part approach to defending applications.
They audit the application in search of any vulnerability in the way it has been designed from the ground up.
It scans for any party or parties who may be taking advantage of the security holes they have discovered in the app
They defend the application against the identified attack by steering them away
“Traditional web application firewalls, DDOS products, RASP/IAST/DAST application security vendors can’t look in to these business logic level attacks as they focus on code-level issues. We are seeing enterprises moving a good part of their cyberspend in to this ‘business logic security’ category,” said Deepak Jeevankumar, the MD leading the investment for DTC.
Part of the $17 million they secured in this Series B funding round will go towards scaling up their sale and marketing campaigns in creating awareness. They will also be selling their services directly to clients such as financial service institutions, social media sites, retail, and gaming sites looking for an extra layer of cybersecurity cover.
Cequence Security was founded back in 2014 and has spent a good percentage of its time tweaking its product before it was released into the market for the first time in 2018. Currently, the startup has 34 staffs all working at its Sunnyvale, California headquarters. With the Series B funding, the startup is also looking to bring in more brainpower and hands at the offices.