Date: September 8, 2023. — Pynt, a API security company, has raised $6 million in its latest funding round. The funding was led by early-stage investor Joule Ventures and included Dallas Venture Capital and Honeystone Venture Capital.
Pynt’s cutting-edge API security solutions have garnered attention from both investors and the cybersecurity community at large. The startup’s dedication to securing vital data pathways through APIs is gaining recognition as essential for modern applications. Moreover, the infusion of capital comes as the company continues to gain momentum in its mission. That is to protect businesses from API-related vulnerabilities.
Since APIs are essential to software applications, security is of utmost importance. According to Akamai Inc.’s report, API systems are responsible for over 83% of global internet traffic, a significant statistic. However, a lot of them have numerous security flaws. As seen by recent high-profile attacks on X, formerly Twitter Inc., and LinkedIn Corp., API breaches are a routine occurrence. Despite these risks, Pynt noted that many developer teams place little emphasis on API testing. This is because they are under too much pressure to speed up software upgrades.
The company’s flagship product, PyntShield, has gained popularity for its robust API protection capabilities, threat detection, and real-time monitoring. As businesses increasingly rely on APIs to connect and share data across systems and platforms. Pynt’s solutions play a pivotal role in safeguarding sensitive information and preventing data breaches.
The 10-person business, which is already used by several Fortune 500 companies. It intends to use the fresh money to continue working “on a self-serve platform that’magically’ finds the security issues and fixes them automatically,” as Shneider phrased it. The company’s free community version includes many of Pynt’s essential features. Its commercial enterprise plan adds extras like the API catalog, single sign-on support, and API gateway connectors.
Pynt’s success in raising $6 million reflects the growing awareness of API security as an integral part of the cybersecurity landscape. With cyber threats continually evolving, securing APIs has become a top priority for organizations across industries. This includes financial services, healthcare, and beyond.
As Pynt continues to innovate and expand, its impact on the API security market is poised to grow, solidifying its position as a key player in the fight against cyber threats in the digital age. This latest funding round sets the stage for an exciting chapter in the company’s journey towards enhancing the security of the interconnected world.
