IT security solutions firm Quick Heal Technologies today announce that was investing $2 million in L7 Defense, an Israel based cybersecurity start-up. The firm specialises in Application Program Interface (API) Security and Next Generation Web Application Firewall (NG-WAF). Quick Heal Technologies had earlier invested $300,000 in the company.
“L7Defense has proven its unique capabilities in the area of API Security and NG-WAF which led us to further increase our investment. Simultaneously, this move enables ‘Seqrite’ to foray into application security and strengthen our solution stack to secure modern enterprises against the next-generation of cyber-attacks,” said Kailash Katkar, Managing Director and Chief Executive Officer, Quick Heal Technologies. Seqrite is the company’s enterprise security brand.
The investment is a part of Quick Heal’s efforts to invest in disruptive technologies that will shape the future of cybersecurity while supporting innovative start-ups. This is Quick Heal’s third investment in the last 18 months. The company had recently invested in Singapore based wireless security startup Ray.
The investment will allow for strategic alignments between both the companies and allow Quick Heal Technologies to expand its range of enterprise solutions under the ‘Seqrite’ umbrella and introduce L7’s flagship products in India as well as other regions in APAC and EMEA.
“This investment is strategic, and will enable us to further extend our technological leadership, to increase our exposure and gain further market awareness. We are thrilled and energized to have support from Quick Heal Technologies. This vote of confidence reinforces our resolve and motivation to become the API security leader in this extremely dynamic market,” said Yisrael Gross, Co-Founder, L7 Defense.
According to Gartner, by 2021, 90% of web enabled applications will be exposed to attacks due to API weaknesses, up from 40% of the apps in 2019. Hence, API Security has become one of the top cybersecurity concern for enterprises. L7 Defense’s proprietary AI powered Ammune technology provides protection against a range of attacks targeting APIs like distributed denial of services (DDOS), BOT attacks and other malicious threats helping customers secure their applications.