DataDome, a cybersecurity company, announced that it has raised $35 million from Elephant, and its historical investor ISAI. The firm is known for its Software as a Service (SaaS) solution that uses artificial intelligence to protect the data of companies suffering from fraud committed by malicious robots. This investment will allow DataDome to strengthen its teams.
DataDome, a company that wants to fight against malicious bots and online fraud
Founded in 2015 by Fabien Grenier and Benjamin Fabre, DataDome is a cybersecurity company whose main mission is to help companies protect their data and digital activities. A fast-growing demand: bot fraud attacks are constantly on the rise as they are up 47% over the last six months.
Companies using DataDome’s solution include: LeBonCoin (Adevinta France), Rakuten, Blablacar, La Redoute, La Fourchette, Saint Gobain, Axel Springer and AngelList Talent. These organizations regularly suffer from payment fraud, account theft, website scraping and DDoS attacks.
The cybersecurity company’s solution is a bot detection engine that uses AI to operate. Currently, the system processes thirty trillion pieces of data at 25 points around the globe. It has been able to develop this tool with the help of several partnerships with CDN and Cloud service providers and can also be used at the edge with several other associated platforms.
35 million investment to strengthen its team composition
In a Series B round led by Elephant, with the participation of ISAI, the company has raised $35 million. Fabien Grenier, co-founder and CEO of DataDome, said of the partnership with the New York-based company:
“We owe our current hypergrowth to customers like LeBonCoin (Adevinta France), Rakuten, Blablacar, FootLocker, who trusted us to protect them from bad bots traffic and online fraud. With its dual expertise in e-commerce and SaaS, Elephant is the ideal partner to support our exponential expansion, especially in the US, to serve even more e-commerce companies and fulfill our mission to free the Internet from fraudulent traffic.”
DataDome’s long-time collaborator, investment fund ISAI, is excited to continue its partnership. Jean-David Chamboredon, CEO of ISAI, said:
“The global market for robot detection is vast and growing rapidly, driven by the dual effects of greater e-commerce penetration and the continued sophistication of robots. We are delighted to continue the journey with DataDome and help the teams realise their ambitious vision.”
Andy Hunt, General Partner at Elephant, spoke of DataDome’s capabilities:
“We’ve been following DataDome for several years, and we’ve been extremely impressed with the product, the team, and the increase in top-tier customers.”
The company that fights malicious bots has 70 employees, in Paris, Singapore and New York. The fundraising will be used by DataDome to strengthen its sales, marketing, delivery and R&D teams across its three offices. One of its goals is to double its revenue and customer base within a year, particularly in the US market.
Translated from Cybersécurité : DataDome annonce une levée de fonds de 35 millions de dollars pour renforcer ses équipes
