Central regions | Finance, business | Technology & innovation
Russian web app security service raises investment
13 Dec '16
Wallarm, a Russian start-up developing solutions for web-based app security, has raised investment from a domestic investor consortium led by Gagarin Capital, portal Firrma.ru reported.
The total investment round was reportedly worth $2.3m and, in addition to Gagarin Capital, brought together Partech Ventures and other Russian investors. Wallarm earlier received $77,000 grant funding from the Skolkovo Foundation that manages Russia’s most widely touted innovation hub under construction just outside Moscow.
Wallarm offers solutions for web traffic analysis, enabling users to identify other users’ typical behavior and tell hacking attempts from legitimate web operations. The product is believed to be able to pinpoint weak spots in a system fraudsters have taken advantage of (or are likely to exploit). Machine learning helps analyze the logic of app operation and use the knowledge to build precise and efficient blocking algorithms.
Wallarm began cultivating sizable U.S. and European customers back in 2009. Today’s client base includes such large-scale domestic and international companies as Yulmart, Yugra Bank, Module Bank, QIWI, Xsolla and others. Wallarm is also a technical partner for such IT majors as Qrator Labs, InfoWatch and NGINX. This past summer it announced that it had begun operating in the black. The Russian company is reported to have about a hundred solvent clients, including Automattic, Parallels, Wargaming and Yandex. Wallarm is also a resident of the IT cluster at the Skolkovo Foundation.
This past summer Wallarm was picked as a new resident of Y Combinator. The international business incubator invested $120,000 in the Russian developer.