Funding will enable cybersecurity company to capitalize on soaring global demand for its solution, which protects digital businesses against bad bot traffic and online fraud.
DataDome, whose AI-powered SaaS solution protects online businesses against bot-driven fraud, today announced that it has secured a $35M Series B investment. The funding round was led by New York-based Elephant, with participation from DataDome’s existing investor ISAI.
The cash infusion will enable DataDome to aggressively scale its global sales, marketing, delivery and R&D teams, and puts the company on track to deliver on its ambition to double its Annual Recurring Revenue (ARR) and its customer base. More than 50% of this growth will come from the US.
Observing a 47% increase of bot fraud attacks against digital businesses over the past 6 months, DataDome secures its customers against online fraud. This includes web scraping, account takeover, Layer 7 DDoS, and payment fraud. Its AI-powered bot detection engine processes more than a trillion pieces of data every day, from 25 worldwide points of presence, to protect the largest global digital businesses in real time. According to the research and advisory firm Gartner, by 2024 more than 60% of online retailers will rely exclusively on machine learning for online fraud detection while abandoning traditional rule-based solutions that cannot cope with bot agility.
DataDome serves DevSecOps professionals with a full SaaS platform, combined with enterprise-level professional services and dedicated bot Security Operations Centers (SOCs). It easily integrates with any web infrastructure, and a prospect under attack can be protected in less than an hour. Thanks to strong technical partnerships with all major cloud providers and CDNs, DataDome can also be activated at the edge in just a few clicks via platforms such as AWS, Fastly, Cloudflare and Salesforce Commerce Cloud.
“We owe our current hypergrowth to customers like Axel Springer, AngelList Talent, Australia Post, carsales.com Limited, and Foot Locker who have placed their trust in us to protect them from malicious bot traffic and online fraud,” said Fabien Grenier, co-founder and CEO of DataDome. “With its expertise in both e-commerce and SaaS, Elephant is an ideal partner as we continue to scale aggressively, particularly in the US, in order to serve even more e-commerce businesses and fulfill our mission to free the internet of fraudulent traffic.”
“We have followed DataDome for several years, and have been extremely impressed by the product, the team, and the growth in enterprise customer acquisition,” said Andy Hunt, General Partner of Elephant.
“The global Bot Detection market is large and growing rapidly, driven by greater eCommerce penetration and increasingly sophisticated bots. We’re excited to team up with DataDome and help them build on their ambitious vision,” said Julie Effron, Partner of Elephant.
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