Investors double-down on creation of new SPaaS (Security Platform-as-a-Service) category

Pangea Cyber announced its $26 million Series B funding to accelerate the delivery of its API-based security services. The Series B round is led by GV, with participation from Decibel and Okta Ventures. They join existing investors Ballistic Ventures and SYN Ventures. This brings total funding raised for the one year old company to $52 million. Pangea plans to use the funding for product development and to drive developer and builder adoption.

“Pangea provides a comprehensive set of services for builders, developed by some of the industry’s best serial entrepreneurs we’ve known for over a decade,” said Karim Faris, General Partner at GV, who will join Pangea’s board as part of the investment. “Incorporating the best security practices today involves choosing from an ambiguous and fragmented set of open source and limited commercial offerings. Pangea’s compelling vision will create a new standard for cybersecurity practitioners.”

“Development teams simply lack the expertise to add security capabilities into their applications. 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,” said Oliver Friedrichs, Founder and CEO at Pangea. “This new funding will help us to realize and accelerate that vision.”

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Pangea’s Security Platform-as-a-Service framework is available for builders who need to add security functions to their applications. Builders use Pangea to log security events, manage export restrictions, handle personally identifiable information (PII), identify malicious files being shared, and block users from risky internet domains. Services are offered just like Amazon Web Services, but with a focus on cybersecurity, where you can get every security function in one place. Pangea plans on releasing several dozen API-based security services over the next 12 months.

“Every app developer needs to worry about security — but most of them lack the ability to properly choose, deploy and maintain those security building blocks,” said Austin Arensberg, Senior Director from Okta Ventures. “Pangea’s API-based services are a one-stop shop for all things security. Its plug-and-play platform allows you to easily embed security into your app.”

“We’ve seen PaaS offerings from AWS, GCP, and Azure for compute, storage, and database, and CPaaS from Twilio for communications, but we’ve not yet seen a similar model for cybersecurity — with simple-to-use security functions that app builders can easily embed to get to market fast. The time is right for the arrival of Security Platform as a Service, or SPaaS,” said Barmak Meftah, Co-founder and General Partner at Ballistic Ventures. “We’re excited to welcome GV, Decibel, and Okta Ventures onboard as this further validates our initial investment in Pangea.”

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