ThreatX, a web application and API protection platform provider, has raised USD 10 million in a Series B funding round led by .406 Ventures, with participation from existing investors Access Venture Partners and Grotech Ventures. The company’s total funding following the investment stands at USD 21.6 million.

The company expects to use the funding to accelerate growth and increase year-over-year revenue by 150% in 2021. ThreatX also aims to develop its managed security operation and expand its US and international presence with the funding.

Following this investment, Greg Dracon from .406 Ventures will join ThreatX’s board of directors. The company’s clients include organizations such as Inmediata, BMC Software, Lenovo, and KingsIsle Entertainment, among others.

Founded in 2014, ThreatX provides a platform for enterprises using behavior-based solutions to protect their APIs and web applications from threats such as distributed denial of service (DDoS) attacks, bot attacks, API attacks, vulnerability exploits, and zero-day attacks. ThreatX also offers managed web application and API security, providing a team of experts to assist clients with 24/7 threat monitoring.