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API security is something few organizations are getting right. In fact, research shows that 76% of organizations have had an API security incident in the past year.
Part of the problem is that developers often don’t have the time, expertise or technologies necessary to secure APIs at a sustainable pace for modern software development.
API security provider Pangea Cyber, which today announced it has raised $26 million in series B funding, is aiming to address this challenge with an API plug-and-play service that enables developers to embed security capabilities and APIs into their applications without developing custom code.
The idea is to make API security scalable and accessible to developers so they can plug in the necessary protections to mitigate risks to protected data.
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Automating API security
The announcement comes as API security incidents continue to plague developers, with 94% of organizations citing that they have experienced security problems in production APIs in the past year.
While there are many reasons for these gaps, lack of expertise is one of the biggest factors.
“Development teams simply lack the expertise to add security capabilities into their applications,” said Oliver Freidrichs, founder and CEO at Pangea. “With up to one million software companies anticipated by 2027 (according to Forrester), it’s essential that the applications they build have access to a trustworthy framework of security functions. This new funding will help us to realize and accelerate that vision.”
Pangea Cybe’s approach is designed to enable users to embed security features within apps so they can ship secure products and accelerate the overall time to market.
Protections are available for users to add on to the service including the ability to log security events, manage export restrictions, manage personally identifiable information (PII), identify malicious files, and block users from high-risk domains.
A look at the provider’s securing APIs
Pangea Cyber’s solution fits within the API security market, which researchers estimate will grow 26.3% annually between 2022 and 2032 to reach a value of $10,185.4 million.
The vendor is competing against a range of established providers including Salt Security, which uses artificial intelligence (AI) and machine learning to discover APIs and exposed data throughout an organization’s environment, as well as testing during production. Earlier this year, Salt Security announced raising $140 million in series D funding.
Another key competitor in the market is the API security platform, Noname Security, which offers organizations the ability to create an inventory of APIs and implement real-time detection and response capabilities to identify vulnerabilities and misconfigurations in APIs. The solution also offers the ability to test APIs before production. Noname Security most recently raised $135 million in series C funding and achieved a $1 billion valuation in December 2021.
The main difference between Pangea Cyber and its competitors is the company’s plug-in-and-play approach, opting to provide developers with a platform-as-a-service framework to give developers a simple and repeatable way to add security protections to APIs during production.
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