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- Signal Sciences
Signal Sciences Acquisition, Valuation, Funding & Investors
Signal Sciences was acquired by Fastly for $775M in August 2020, a 27.7x multiple on $28M of revenue.
Signal Sciences revenue at acquisition
$28M
Last twelve months · Aug 2020
Signal Sciences revenue multiple at acquisition
27.7x
EV/Revenue · Aug 2020
Cumulative funding Signal Sciences raised
$62M
across 4 funding rounds
Signal Sciences Overview
About Signal Sciences
Signal Sciences was a cybersecurity company that developed a web application firewall (WAF) and runtime application self-protection (RASP) platform delivered as a SaaS subscription to monitor web traffic and block attacks on web applications and APIs without requiring dedicated hardware. Founded in 2014 and based in Culver City, California, it served customers including Adobe, WeWork, Under Armour, and DoorDash from offices in Culver City, New York City, and Tokyo. The company was acquired by Fastly in 2020 for $775 million.
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$28M (Aug 2020)
Valuation
$775M (acquired Aug 2020)
Sectors
Signal Sciences Acquisition
Signal Sciences was acquired by Fastly for $775M on 27 August 2020.
The acquisition price implies a 27.7x revenue multiple on $28M of revenue.
Before the acquisition Signal Sciences had raised $62M across 4 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 27 Aug 2020 | Strategic M&A | $775M | 27.7x |
Signal Sciences Funding History
Signal Sciences has raised a total of $62M across 4 funding rounds.
Signal Sciences' first fundraising round was a $2M seed round in May 2014. The most recent completed round was a $35M Series C in February 2019.
Signal Sciences funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2019 | Series C | Lead Edge Capital (lead); Index Ventures; Oreilly AlphaTech Ventures; CRV; Harrison Metal | $35M | Signal Sciences, founded in 2014 and based in Culver City, California, developed a next-generation web application firewall (WAF) and runtime application self-protection (RASP) platform delivered as a SaaS subscription to monitor HTTP traffic, block threats to web applications, APIs, and protect against malicious actors without requiring hardware. The company served high-profile customers including Adobe, WeWork, Under Armour, and DoorDash, positioning itself to disrupt the traditional WAF market with automation, cloud-friendly solutions operating at digital speed and enterprise scale. By early 2019, it had around 150 employees across offices in Culver City, New York City, and Tokyo. On February 6, 2019, Signal Sciences raised $35 million in a Series C funding round led by Lead Edge Capital, with participation from existing investors CRV, Index Ventures, Harrison Metal, and O'Reilly AlphaTech Ventures (OATV), bringing total funding to over $61.7 million. Lead Edge Capital operating partner Lorrie Norrington joined the board, bringing experience from eBay and Duo Security. The investment aimed to fuel aggressive market expansion, product innovation, engineering, and partnerships to meet growing customer demand and drive continued growth in the booming web app security sector. Proceeds were earmarked to double down on expanding the WAF platform amid explosive demand, with CEO Andrew Peterson highlighting 2019 as a pivotal year. The web app security market was experiencing skyrocketing growth due to dynamic threats, where Signal Sciences set new standards with integrated technology. The company was later acquired by Fastly in 2020 for $775 million ($200 million cash plus $575 million in stock), marking a major LA SaaS exit. |
| May 2017 | Series B | CRV (lead); Index Ventures; Oreilly AlphaTech Ventures; Harrison Metal | $15M | - |
| Feb 2016 | Series A | Index Ventures (lead); Oreilly AlphaTech Ventures; Harrison Metal | $10M | - |
| May 2014 | Seed | Harrison Metal (lead); Oreilly AlphaTech Ventures (lead); Chad Dickerson; Bob Pasker; Alex Stamos | $2M | - |
Who has invested in Signal Sciences?
8 investors have backed Signal Sciences across its funding rounds, including Harrison Metal, Oreilly AlphaTech Ventures, Index Ventures, CRV, Lead Edge Capital and Bob Pasker.
Lead investors include Lead Edge Capital, CRV, Index Ventures, Harrison Metal and Oreilly AlphaTech Ventures.
Signal Sciences Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | May 2014 | ||
| 4 | Lead | May 2014 | ||
| 3 | Lead | Feb 2016 | ||
| 2 | Lead | May 2017 | ||
| 1 | Participant | May 2014 | ||
| 1 | Lead | Feb 2019 | ||
This data is available for Pro users. Sign up to see all 8 Signal Sciences investors. Start Free Trial | ||||
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Start Free TrialInvestments by Signal Sciences
Signal Sciences has invested in 1 company to date.
Latest investment by Signal Sciences was on February 11th 2020. Signal Sciences invested in Open Raven in their $4M Seed round.
Latest Investments by Signal Sciences
| Description | Open Raven is a New York-headquartered data security posture management platform for cloud environments. It scans AWS, Azure, and Google Cloud across billions of objects to identify sensitive data like PII and PHI, prioritizing remediation risks. The platform integrates with SIEM tools from Splunk and Sumo Logic, serving enterprises managing petabyte-scale storage. |
| HQ Country | |
| HQ City | Los Angeles, CA |
| Deal Date | 11 Feb 2020 |
| Round | Seed |
| Raised | $4M |
| Investors | TGM ventures; Phil Venables; Niloo R. Howe; Upfront Ventures |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Signal Sciences investments and their VC round multiples. Start Free Trial | |
Signal Sciences Competitors
Signal Sciences competitors include listed companies like Mitek Systems and Asiainfo Security, and private ones like Nile, Second Front Systems, Proof and CyCognito.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $8M | - | $775M | 96.9x | ||
| Publicly listed | $180M | $37M | $781M | 3.7x | ||
| Publicly listed | $1.2B | ($11M) | $781M | 1.1x | ||
| Private | - | - | $785M | - | ||
| Private | - | - | $760M | - | ||
| Private | - | - | $800M | - |
Signal Sciences Public Comps
Signal Sciences is no longer listed, but its public comps include Mitek Systems, Asiainfo Security, CANCOM, Riskified, Rapid7, Yubico, Feitian Technologies, OneSpan, DBAPPSecurity and Aura.com.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $180M | $37M | 4.1x | 3.7x | 19.9x | 11.2x | |||
| $1.2B | ($11M) | 1.2x | 1.1x | (126.2x) | 339.7x | |||
| $2B | $118M | 0.4x | 0.4x | 6.3x | 5.7x | |||
| $345M | ($31M) | 1.8x | 1.6x | (20.3x) | 19.0x | |||
| $860M | $63M | 1.3x | 1.3x | 17.4x | 6.8x | |||
| $226M | $19M | 3.3x | 3.2x | 39.7x | 25.6x | |||
| $104M | ($4K) | 6.2x | - | (168378.6x) | - | |||
| $243M | $57M | 2.6x | 2.5x | 11.0x | 8.9x | |||
This data is available for Pro users. Sign up to see all Signal Sciences competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Signal Sciences
| Where is Signal Sciences headquartered? | Signal Sciences is headquartered in United States. |
| Is Signal Sciences publicly listed? | No, Signal Sciences was acquired by Fastly in August 2020. |
| Who acquired Signal Sciences? | Signal Sciences was acquired by Fastly in August 2020. |
| How much was Signal Sciences acquired for? | Signal Sciences was acquired for $775M in August 2020, a 27.7x revenue multiple. |
| How much funding has Signal Sciences raised? | Signal Sciences has raised $62M across 4 funding rounds. |
| What was Signal Sciences' last funding round? | Signal Sciences' last funding round was a $35M Series C in February 2019, led by Lead Edge Capital. |
| Who are Signal Sciences' investors? | Signal Sciences' investors include Oreilly AlphaTech Ventures, Harrison Metal, Index Ventures, CRV, Chad Dickerson, Lead Edge Capital, Bob Pasker and Alex Stamos. |
| Which companies are comparable to Signal Sciences? | Companies comparable to Signal Sciences include Nile, Mitek Systems, Asiainfo Security, Second Front Systems, Proof and CyCognito. |
| How many companies has Signal Sciences invested in? | Signal Sciences has invested in 1 company, including Open Raven. |
| What was Signal Sciences' last investment? | In February 2020, Signal Sciences invested in Open Raven's $4M seed round alongside TGM ventures, Phil Venables, Niloo R. Howe and 1 other investor. |
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