Feroot Security announced the closing of $11 million in seed funding led by True Ventures. The funds will be used to meet growing customer demand for client-side security solutions by accelerating product development and go-to-market initiatives.
Over the past year there has been a remarkable increase in security incidents focused on breaching client-side webpages and web applications. These webpages and web applications tend to get breached via marketing forms, known vulnerabilities in JavaScript, compromised third-party scripts, marketing trackers, and more. Examples include attacks on over 100 luxury real estate sites; an attack on a gaming PC and console controller company; an attack on over 200,000 customers of an online shopping service; and an attack on a widely adopted open-source JavaScript plugin.
“A shocking 98% of websites use forms to collect personal and financial data from customers,” said Ivan Tsarynny, Feroot co-founder and CEO. “Threat actors are starting to gain higher ROI from attacking unprotected client-side applications as compared to traditional server-side attacks. In order to meet the increased demand for our client-side security products we needed to find a great partner with deep experience in helping early-stage cybersecurity startups grow.”
Tsarynny and Vitaliy Lim, co-founder and CTO, received investment offers from multiple high-profile venture capital organizations and chose True Ventures as their growth partner.
“As interfaces are built in an increasingly distributed way, security challenges have only become harder to tackle,” said Puneet Agarwal, partner at True Ventures. “Ivan and Vitaliy represent a new breed of security entrepreneurs protecting these exposed surface areas. We’re thrilled to partner with them and to support their efforts in protecting user data.”
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