Last summer, DataDome announced $42million worth of Series C funding to help in its ongoing mission to fight against bot-driven cyberattacks and online fraud.
The investment was led by InfraVia Capital, a major private equity firm specialising in technology and infrastructure, as well as input from DataDome’s existing investors.
What is DataDome?
DataDome is one of the world’s leading providers of AI-powered protection software against online fraud and malicious bots. It uses machine learning to examine trillions of data points every day to help it adapt to new cyber threats in real time. Founded in 2015, DataDome quickly developed into a multi-award-winning global leader in cybersecurity, protecting some of the world’s biggest online organisations. Clients include Allegro, Helly Hansen, SoundCloud, Reddit, and hundreds more.
How concerning are malicious bots?
Malicious bots are becoming more of a concern than ever before. According to various sources, around half of all online activity is bot generated. Unauthorised bot traffic to a company’s website can skew analytics and expose the business to significant threats. With technology constantly evolving, bots are growing to be more and more sophisticated. Cybercriminals are always attempting to create new bots that can penetrate robust security measures, exploiting new technologies, such as AI.
So, how has DataDome continued to protect businesses against unauthorised bots? Using powerful AI detection software, the company examines every request to its clients’ mobile apps, websites, and application programming interfaces (APIs). This sophisticated software can determine which requests are safe and which are suspect in less than two milliseconds and will subsequently block anything that it deems to be from a malicious source. The detection engine is fully transparent and boasts a false positive rate of less than 0.01%.
Since its Series C funding boost, DataDome’s robust software has accurately detected and blocked around 350 billion malicious attacks. By comparison, the company successfully prevented 250 billion online fraud attempts in 2022, suggesting that the Series C funding has boosted DataDome’s already admirable protection methods. Furthermore, DataDome has prevented 8.6 billion takeover attempts and almost 400 million fake accounts since last year. This phenomenal success resulted in its clients benefiting from an impressive 99% decrease in account takeover fraud.
DataDome’s highly accurate bot management solution is designed to protect websites, mobile apps, and APIs from threats such as web scraping, credential skewing, fake account creation, account takeover, scalping, payment and content fraud, among many others. It also safeguards against issues caused by unauthorised bots, such as skewed analytics, which result from non-human web traffic.
How has DataDome’s fight against bots been recognised?
A year on from its major funding investment, DataDome continues to provide top-class sophisticated detection and mitigation systems. This impressive achievement has not gone unnoticed, with the company receiving international recognition for its industry-leading protection software. DataDome was the only provider of mitigation and bot protection to make it onto the Best Security Products of 2024 list on G2, the renowned software platform.
In addition to that, the company has been recognised with a whole host of awards and accolades over the last year. It has won a Cybersecurity Excellence Award in Fraud Prevention for its Account Protect, was ranked as number one for Bot Detection and Mitigation in G2’s Grid Report, achieved the Best Use of Machine Learning/AI in last year’s SC Europe Awards, won this year’s Global Infosec Publisher’s Choice Award for Fraud Prevention, and many more. Incredibly, these are merely a handful of accolades and titles that DataDome has achieved within the last year.
Around the time that DataDome announced its Series C funding, the company also announced that it was expanding its channel partner presence in its aim to continue fighting against automated threats and online fraud. Furthermore, it also became the first ever bot management provider to gain the Amazon Web Services Security (AWS) Software Competency designation, an impressive achievement which is yet to be challenged by any rivals. In addition to this title, it also gained the recognition of AWS Retail Software Competency.
Conclusion
The announcement of DataDome’s multimillion dollar Series C funding last year was met with much excitement. Since then, DataDome has successfully delivered in upholding its strong protective measures against malicious bots. Going by the vast number of accolades and worldwide recognition in such a short space of time, it will be interesting to see how DataDome continues to lead in the fight against bots.