July 25, 2017 / 1:00 PM / 2 years ago

Israel security firm PerimeterX raises $23 mln in venture capital

TEL AVIV, July 25 (Reuters) - PerimeterX, an Israeli provider of behaviour-based threat protection technology for cloud, web and mobile, said on Tuesday it raised $23 million in an investment round led by U.S.-based Canaan Partners.

Existing investors Vertex Ventures and Data Collective also participated.

The funds will be used to accelerate development of its technology to prevent bot attacks and to expand into the United States and other regions.

Modern bots attempt to impersonate real users to try and cause damaging acts such as account takeover, checkout abuse and online fraud.

In 2016, bot activity caused $2.6 billion of losses from account takeovers, $7.2 billion in advertising fraud and $950 million in electronic gift card fraud, PerimeterX said. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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