Mon. Jul 4th, 2022

Pangea Lands $25 Million Investment for API Security Services

Serial entrepreneur Oliver Friedrichs scores $25 million from Ballistic Ventures to build an API security services platform.

Pangea Cyber, an early-stage startup working on technology to help developers add security and compliance features to applications, has landed $25 million in venture capital financing.

Pangea, the brainchild of serial entrepreneur Oliver Friedrichs, said the Series A funding round was led by Ballistic Ventures, a new investment firm focused exclusively on cybersecurity companies.

In a note announcing the funding round, Pangea said it is working on a platform to help developers embed security services and APIs into their cloud applications.

The technology, currently in closed testing, is promising “a comprehensive portfolio of API-based security services through a single platform.”

“Before Pangea, a builder who needed to add security and compliance features to their application had to write security code from scratch” the company explains. “Builders now can go to a single, trusted source to embed the security services and APIs they need into their application quickly and easily.”

[ Read: The Next Big Cyber-Attack Vector: APIs ]

The Palo Alto, Calif.-based Pangea plans to release API-based microservices with features for Secure Audit Logging, Secure Object Store, Secure File Share, and Digital Embargo Check. The company said it also plans to aggregate and offer third-party APIs via partnerships.

Friedrichs, who scored prior exits with Immunet (acquired by Sourcefire) and the Phantom Cyber SOAR platform (acquired by Splunk), said the explosion of cloud-delivered data and applications has left security gaps in the ecosystem. 

“[The] security industry has focused on building products for the enterprise end-user, not the app builder. APIs are often after-thoughts,” Friedrichs said. “We are seizing the opportunity to give builders the capabilities they need to deliver a compliant and secure customer experience, easier and faster.”

The Pangea funding comes at a time when investors are pouring cash into startups in the API security category.  Earlier this month, Traceable AI landed a $60 million funding round to join a competitive space that includes Salt Security ($140 million funding), Noname Security, Corsha, Cequence and 42Crunch.

SOURCE https://www.securityweek.com/pangea-lands-25-million-investment-api-security-services?&web_view=true

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