Swedish Multinational Networking and Telecommunications Company is Also a Customer
TrueFort, the zero trust application protection company, announced it has secured a strategic investment from Ericsson Ventures as part of its recent $30M Series B round of financing. The global networking and telecommunications company is also using the TrueFort Fortress platform to protect its applications from security threats.
“We were impressed with the company’s management team and the large addressable market for Zero Trust security they are serving.”
“TrueFort has developed a new approach that addresses a missing link in enterprise security by focusing on application, not infrastructure, protection,” said Albert Kim, Vice President and Head of Ericsson Ventures. “We were impressed with the company’s management team and the large addressable market for Zero Trust security they are serving.”
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Traditional security products have focused on protecting underlying IT infrastructure from threats but the success of attackers in executing ransomware, supply chain and phishing attacks shows that there are still significant gaps in security coverage. TrueFort fills this void, offering Zero Trust protection for enterprise applications and workloads that are the gateway to sensitive data and, increasingly, the target of attackers. The company’s Fortress platform leverages patented behavioral analysis and machine intelligence to help organizations better understand their applications’ trusted behaviors to fend off attacks in real-time.
“In addition to being an early TrueFort customer, the decision by Ericsson to invest in our latest financing round is powerful validation that they consider our technology a strategic asset to their business,” said Sameer Malhotra, co-founder and CEO of TrueFort. “We are extremely pleased to have Ericsson as a customer and welcome them as an investor.”
TrueFort is coming off a strong year of market demand and industry accolades. The company experienced year-over-year bookings growth of 650% and a 260% growth in ARR. The company was recently named a 2021 finalist in the Black Unicorn Awards which recognize companies with the potential of being valued at $1 billion, as well as a Top 25 Cybersecurity Company, and a Red Herring North America Top 100 company. The TrueFort Fortress platform has also won multiple awards, including the 2021 Global InfoSec Award at the RSA Conference for Cutting Edge Vendor in Cloud Workload Protection and the Gold 2021 Cybersecurity Excellence Award for Cloud Workload Protection.
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