ThreatX, the web application and API protection (WAAP) platform, has raised $10 million in funding led by .406 Ventures. Existing investors, Access Venture Partners and Grotech Ventures, also participated in the round, providing ThreatX with capital to continue strengthening its position in the next-gen web application security market.

ThreatX plans to use the capital from this investment round to: accelerate business on all fronts and increase revenue by 150% in 2021, enhance its worldwide sales engine to further penetrate existing markets and expand into new vertical segments and also strengthen its fully-managed WAAP services team to offer clients the application security expertise necessary to combat adversaries.

The company is also planning to grow its engineering team to continue to develop innovations that keep its top-rated WAAP platform ahead of the competition and also expand its US operations by establishing a presence on the East Coast with a new office in Boston.

Dracon will join the ThreatX board of directors, bringing with him over 25 years of cybersecurity-focused venture investing, as well as technology operating and management experience.