Today, go-to-market security provider CHEQ announced that it has raised $150 million as part of a series C funding round led by Tiger Global, increasing the organization’s total funding to date to $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’re legitimate. It includes a mix of bot mitigation, user validation, and behavioral analysis to distinguish between good or bad traffic.
This approach provides enterprises and technical decision makers and enterprises with protection against malicious threat actors and fake traffic so they can launch new products while reducing the risk of being disrupted by cybercriminals.
Hitting the ground running
CHEQ is part of the global bot management solution market expected to reach $3.2 billion by 2028, which has grown substantially as organizations look for solutions to mitigate the increasing number of automated attacks online.
“40% of the web is made up of fake traffic, bots and malicious users. This poses a strategic threat to the wellbeing of Go-toMarket operations, as fake traffic floods their tech stack, sales pipelines, marketing funnels, websites, eCommerce, and data systems,” said CHEQ CEO Guy Tytunovich in an exclusive interview.
“CHEQ protects the entire go-to-market operation 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 tunnels, and analytics capabilities that can easily be disrupted by fake visitors, fraudsters, and malicious bot traffic.
“Enterprise organizations invest massive amounts of money, time, energy and resources in their Go-to-Market operations, including robust tech stacks, huge marketing budgets, large sales teams, CRM’s, CDP’s, DMP’s and more. At this level of investment, it makes no sense to go to battle without a security layer like CHEQ, to ensure that investment is free of harmful, automated and malicious traffic,” he said.
The first full-suite GTM security provider
CHEQ’s growth coincides with the wider growth of the cyber security market, valued at $153.16 billion in 2020 and anticipated to reach $366.10 billion by 2028 as ecommerce, machine learning, IoT, and cloud advancements boost growth.
As the first full-suite GTM security platform on the market, CHEQ is in a unique position as a cybersecurity provider, serving over 12,000 customers and supporting over 50,000 websites worldwide including dents, GlassesUSA.com, WalkMe, Firebolt, and Spark Foundry.
“We’ve developed unique solutions that manage to meet the Security team’s most stringent requirements, without causing any funnel friction that could hurt the goals of the CMO, CRO, VP of Data and other GTM leaders,” Tytunovich said.
While CHEQ’s solution is unique, it’s indirectly competing against bot management providers like Netacea, which has an Intent Analytics engine that can protect websites against automated scraping, credential stuffing, and account takeover attacks, which recently raised $12 million in Series A funding.
Another indirect competitor is Datadome, which uses AI-powered online bit protection to identify whether individuals should be given access to a website or not and raised $35 million last year as part of a series B funding round.
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