In 2021, as the number of digital accounts proliferated causing a surge in digital interactions, so did complex and targeted cyberattacks. Within this backdrop of ever-evolving cyber threats, an overwhelming demand emerged for long-term deterrence based on a defense-in-depth approach.
Our customers, across industries, looked towards us to help them protect their consumers from the onslaught of fraud attacks and ensure consumers’ account security. We doubled up our efforts to meet this growing demand, which also meant expanding our footprint across the globe. We now cater to a growing, global customer base with our offices in San Francisco, Brisbane, Sydney, Tokyo, London, and San Jose, Costa Rica.
Capitalizing on the growth momentum
Our mission to create an online environment where all consumers are protected from malicious activity resonates. Arkose Labs became the preferred partner for noted global brands, who chose us in their fight against fraud and helping create a safer internet. Our marquee list of clients is diversified across industries including financial services, fintech, gaming, retail/ecommerce, technology, and social media. We are incredibly proud to be working with industry leaders PayPal, Pitney Bowes, Roblox, Microsoft, and many more.
Not just our customers, but also investors have a firm belief in our mission and capabilities. In the spring of 2021, Arkose Labs completed a $70 million Series C fundraising that was led by SoftBank Vision Fund 2 and participation from Wells Fargo Strategic Capital, and previous investors M12 and PayPal Ventures. With total capital raised of $114 million, we trained our focus on accelerating product innovation including research and development, go-to-market strategy, global expansion, and hirings across the company.
To keep the 2,010% growth momentum going, we strengthened our leadership team with key strategic hires and internal promotions. Phil Steffora (Chief Security Officer), Patrice Boffa (Chief Customer Officer), and I (CMO) were promoted to the C-level while Ashish Jain (Chief Product Officer), Richard Dufty (Chief Revenue Officer), and Joe Hsy (CTO), and joined the CXO team. We have been fortunate to attract some of the brightest and the best professionals helping us move closer to our goal of creating technology for the greater good and to make the internet safer for all.
Accelerating product innovations
Product innovation remains a prime focus area. When you are up against a savvy adversary, you have to think several steps ahead – this is what our incredibly talented product team has been up to. In 2021, we achieved significant product advancements, including but not limited to adding new features such as device profiling and behavioral biometrics to the Arkose Labs platform. Our dedication to ongoing product development makes the solution even more effective in detecting large-scale bot attacks as well as human-driven attacks. We now own 22 patents that cover our ground-breaking technology.
Our membership of the W3C is proving useful in engaging with global cybersecurity leaders and translating these learnings into a superlative product. The inclusion of accessibility features and compliance with global standards enables users across demographics and with varied abilities to use our product with ease.
We are truly proud of the solution we have built and are ready to be held accountable for its efficacy. We work with our clients as true partners and are the first cybersecurity vendor to offer the world’s first $1M credential stuffing warranty that protects businesses from the varied costs associated with hacked accounts.
Recognition and awards
We were honored with prestigious recognition of our path-breaking technology from multiple sources throughout the year. In December 2021, Verdict Magazine declared us the ‘security company for the expanding metaverse’ and analytics firm GlobalData labeled Arkose Labs as a future cybersecurity industry unicorn.
This news coverage came close on the heels of Arkose Labs emerging as the winner in the Data and AI category for foiling human fraudsters and malicious bot attacks in Fast Company’s first-ever list of Next Big Things in Tech. Deloitte ranked us 83rd fastest-growing company in North America and 23rd fastest-growing in the San Francisco Bay Area in its Technology Fast 500. Inc magazine ranked us 195th in its list of top 5000 fastest-growing private companies in the USA and 5th in the security industry ranking.
Ready to soar in 2022
In a threat landscape where consumers’ digital accounts are under continuous siege through credential stuffing, account takeover, new account fraud, and myriad other cyberattacks, it’s a matter of great satisfaction that our purpose-built solution is helping clients respond effectively against these targeted attacks.
Last year was an exciting time of growth, momentum, and recognition. It has also laid down the foundation for 2022, where we will continue to focus on long-term deterrence that goes beyond mitigation or remediation. With continued product innovations, we will enable our clients to prevent complex and evolving threats whether they are bot-driven, volumetric attacks or human click-farms-driven attacks.
We are ready to soar in 2022!