CHEQ raises $150 million to detect visitors to malicious websites
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Today, go-to-market security provider CHEQ announced that it has raised $150 million in a Series C funding round led by Tiger Global, bringing the organization’s total funding to date at $183 million. The company will use the funding to drive the growth and expansion of its R&D, sales and marketing teams.
CHEQ’s solution aims to support go-to-market initiatives by running over 2,000 real-time cybersecurity challenges on website visitors to verify if they are legitimate. It includes a mix of bot mitigation, user validation, and behavioral analysis to distinguish between good and bad traffic.
This approach provides enterprises and technical decision makers with protection against malicious actors and fake traffic so they can launch new products while reducing the risk of being disrupted by cybercriminals.
Hit the ground running
CHEQ is part of the global bot management The solutions market is expected to reach $3.2 billion by 2028, which has grown significantly as organizations seek solutions to mitigate the growing number of automated online attacks.
“40% of the web is made up of fake traffic, bots and malicious users. This poses a strategic threat to the well-being of Go-toMarket operations as fake traffic floods their tech stack, sales pipelines, marketing funnels, websites, e-commerce and data systems,” a said CHEQ CEO Guy Tytunovich in an exclusive interview.
“CHEQ protects entire go-to-market operations from these threats, ensuring their systems, funnels, and pipelines are free of bad traffic,” he said.
It does this by providing go-to-market teams with a suite of security applications they can use to protect everything from sales pipelines to marketing funnels, and analytics capabilities that can easily be disrupted by fake visitors, scammers and malicious bot traffic.
“Companies invest huge amounts of money, time, energy and resources into their go-to-market operations, including robust technology stacks, huge marketing budgets, large sales teams, CRMs, CDPs , DMPs, etc. At this level of investment, it makes no sense to fight without a layer of security like CHEQ, to ensure the investment is free from harmful, automated and malicious traffic,” he said.
The First Comprehensive GTM Security Provider
CHEQ’s growth coincides with the broader growth of the cybersecurity market, valued at over $153 billion in 2020 and expected to reach over $366 billion by 2028, as advances in e-commerce, machine learning, IoT and cloud drive growth.
As the first comprehensive GTM security platform on the market, CHEQ is uniquely positioned as a cybersecurity provider, serving more than 12,000 customers and supporting more than 50,000 websites worldwide, including teeth, GlassesUSA.com, WalkMe, Firebolt and Spark Foundry.
“We have developed unique solutions that manage to meet the most stringent requirements of the security team, without causing funnel friction that could undermine the goals of the CMO, CRO, VP of Data and others. GTM leaders,” Tytunovich said.
While CHEQ’s solution is unique, it indirectly competes with bot management vendors like Netacea, which has an intent scanning engine capable of protecting websites against automated scraping, spam Credentials and Account Takeover Attacks, which recently raised $12 million in Series A funding.
Another indirect competitor is Datadome, which uses AI-based online protection to determine whether or not individuals should have access to a website and raised $35 million last year in a round Series B financing.
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