DataDome Closes $42 Million in Series C Funding to Advance the Fight Against Bot-Driven Cyberattacks and Fraud
Investment will fund global commercial rollout and R&D efforts to debilitate fraudsters.
NEW YORK, March 30, 2023 /PRNewswire/ -- DataDome, a leading provider of AI-powered online fraud and bot management, today announced its Series C funding round of $42 million. This round was led by InfraVia Growth, with participation from existing investors Elephant, ISAI, and others, to support DataDome on its mission to rid the web of bot-driven cyberattacks and fraud.
Malicious bots are growing more advanced by the second to circumvent security measures, and the rise of human-bot combinations and AI-powered bots have facilitated the consistent bypass of usual point-in-time, static barriers like WAFs, traditional CAPTCHAs, and user validation databases. What's more, silos between security and fraud mitigation enable attackers to take advantage of vulnerabilities and launch attacks that cut across the whole customer journey, profiting along the way. Online businesses are bearing the consequences of automated cyberattacks and online fraud, and it's a costly situation to be stuck in. Enterprises need a solution that puts them back in the driver's seat and empowers them to fight fraud.
"Bots have become a common path to fraud. In 2022 alone, DataDome stopped, in real time, over 250 billion online fraud attempts," said Benjamin Fabre, CEO and co-founder of DataDome. "Because of how our product is built and deployed, we have a unique lens into attack vectors and can see across silos to stop attacks in their tracks. This is why enterprises like Rakuten, Reddit, and AngelList trust us to protect their digital properties."
"This cash infusion will fund global commercial rollout and R&D efforts to ensure that our offering continues to raise the bar, and stays well ahead of bot developers and fraudsters," continued Fabre. "In InfraVia, we have an investor who trusts in and shares our vision, and brings years of valuable experience helping companies scale globally. Threat actors don't stand a chance."
DataDome's bot and online fraud solution assesses the intent of a visit in real time, every time, to detect and mitigate attacks on mobile apps, websites, and APIs with unparalleled accuracy and zero compromise. Such performance is made possible by the solution's ability to adapt machine learning algorithms in real time, at the edge. DataDome protects 300+ enterprises from account takeover, scraping, payment fraud, DDoS, credential stuffing, and more.
"We were genuinely impressed by the sophistication of DataDome's solution, as well as the company's growth trajectory, especially in the US," said Guillaume Santamaria, Partner at InfraVia. "DataDome perfectly embodies our commitment to growth technology companies, and we fully endorse the team's vision of bot management as a foundation for fighting online fraud. We are very much looking forward to the next phase of DataDome's evolution and global scale."
Follow DataDome on Twitter and LinkedIn for regular updates on threat research, customer case studies, and to ensure your bot protection is ready to tackle the most sophisticated attacks.
DataDome's bot and online fraud protection detects and mitigates attacks with unparalleled accuracy and zero compromise. Our machine learning solution analyzes 3 trillion data points per day to adapt to new threats in real time. Our 24/7 SOC experts protect hundreds of high-profile brands worldwide, including Reddit, Patreon, and AngelList. A force multiplier for IT security teams, DataDome is fully transparent, easy to deploy, and frictionless for consumers. In 2022, DataDome was named a Strong Performer in the Forrester Wave: Bot Management and ranked the top G2 Leader in Bot Detection & Mitigation for Fall 2022 and Winter 2023.
InfraVia is a leading independent private equity firm, specialized in infrastructure and technology investments. InfraVia supports entrepreneurs and industrial players in their growth and digital strategy, accelerating their transformation to sizable platforms. Since 2008, InfraVia has raised EUR 10 billion of capital and invested in 50 companies across 13 European countries.
In 2020, InfraVia launched a new investment strategy dedicated to European B2B high-growth tech companies and raised a EUR 501m fund. The team plans to make 15 single investments of EUR 10 million to EUR 50 million to help some of the best European entrepreneurs realize their ambitions. Since inception, InfraVia Growth has participated in the funding rounds of Jobandtalent, Sightcall, Paysend, Foodles, Botify, Packhelp, Ometria, Paack, Xempus, Stratio and lastly DataDome.
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