DataDome, a leading provider of bot protection solutions, has recently announced that it has secured $42 million in funding to enhance its real-time bot attack prevention technology. The funding round was led by Elephant and included participation from ISAI, Ventech, and Runa Capital.
Bot attacks have become increasingly prevalent in recent years, with cybercriminals using automated bots to carry out a range of malicious activities, including web scraping, account takeover, and denial-of-service attacks. These attacks can cause significant damage to businesses, resulting in lost revenue, reputational damage, and legal liability.
DataDome’s bot protection solution uses advanced machine learning algorithms to detect and block bot traffic in real-time, helping businesses to protect their websites and applications from these threats. The platform is designed to be easy to integrate with existing infrastructure and can be customized to meet the specific needs of each business.
The new funding will allow DataDome to further enhance its technology and expand its global reach. The company plans to invest in research and development to improve its machine learning algorithms and develop new features to address emerging threats. It also plans to expand its sales and marketing efforts to reach new customers in key markets around the world.
“We are thrilled to have the support of our investors as we continue to innovate and grow our business,” said Benjamin Fabre, CEO of DataDome. “Bot attacks are a major threat to businesses of all sizes, and our mission is to provide the most effective and comprehensive bot protection solution on the market. This funding will allow us to accelerate our growth and continue to deliver value to our customers.”
The funding round comes at a time when the demand for bot protection solutions is on the rise. According to a recent report by MarketsandMarkets, the global bot mitigation market is expected to grow from $1.3 billion in 2020 to $4.6 billion by 2025, representing a compound annual growth rate of 28.1%.
DataDome is well-positioned to capitalize on this growth, thanks to its advanced technology and strong track record of success. The company has already helped hundreds of businesses around the world to protect their websites and applications from bot attacks, and with this new funding, it is poised to continue its rapid expansion and become a leader in the bot protection market.
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- Source: Plato Data Intelligence: PlatoData