Modern software development calls for automated API security

Watch the Low-Code/No-Code Summit on-demand sessions to learn how to successfully innovate and achieve efficiencies by upskilling and scaling citizen developers. Watch now.

API security is something few organizations are good at. In fact, research shows that 76% of organizations have had an API security incident in the past year.

Part of the problem is that developers often don’t have the time, expertise, or technologies necessary to secure APIs at a sustainable pace for modern software development.

API security provider Pangea Cyberwhich announced today that it has raised $26 million in Series B funding, aims to meet this challenge with an API plug-and-play service that enables developers to integrate security capabilities and APIs into their applications without having to develop custom code.

The idea is to make API security scalable and accessible to developers so they can plug in the necessary safeguards to mitigate risks to protected data.


Intelligent security stop

On December 8, learn about the critical role of AI and ML in cybersecurity and industry-specific case studies. Register for your free pass today.

register now

Automate API security

The announcement comes as API security incidents continue to plague developers, with 94% of organizations saying they have experience with them security issues in production APIs in the past year.

While there are many reasons for these gaps, lack of expertise is one of the biggest factors.

“Development teams simply lack the expertise to add security capabilities to their applications,” said Oliver Freidrichs, founder and CEO of Pangea. “With up to one million software companies expected to grow by 2027 (according to Forrester), it is essential that the applications they build have access to a reliable framework of security features. This new funding will help us realize and accelerate that vision.”

Pangea Cybe’s approach is designed to enable users to build security features into apps so they can ship secure products and speed up overall time to market.

Protections are available for users to add to the service, including the ability to log security events, manage export restrictions, manage personally identifiable information (PII), identify malicious files, and block users from high-risk domains.

A look at the provider’s security APIs

Pangea Cyber’s solution fits within the API security marketwhich researchers estimate will grow at a rate of 26.3% per year between 2022 and 2032 to a value of $10,185.4 million.

The supplier competes with a range of established providers including Salt Security, which uses artificial intelligence (AI) and machine learning to discover APIs and exposed data across an organization’s environment, as well as testing in production. Earlier this year, Salt Security announced it would raise $140 million in Series D financing.

Another major competitor in the market is the API security platform, Noname security, which enables organizations to inventory APIs and implement real-time detection and response capabilities to identify vulnerabilities and misconfigurations in APIs. The solution also offers the ability to test APIs before production. Noname Security recently raised $135 million in Series C financing and achieved a valuation of $1 billion in December 2021.

The main difference between Pangea Cyber ​​and its competitors is the company’s plug-in-and-play approach, opting to provide developers with a platform-as-a-service framework to provide developers with a simple and repeatable way to add security measures to APIs during production.

VentureBeat’s mission is to become a digital city plaza where tech decision makers can learn about transformative business technology and execute transactions. Discover our Briefings.