Estonian internet traffic security company Blackwall announced the completion of a $100 million Series C funding round at a valuation of $2.2 billion. The round was led by AVP, with existing investors Dawn Capital, MMC Ventures and Tera Ventures participating. Executive Chairman Roi Carthy told TechCrunch that the company's valuation is now 4 times what it was at its previous funding round in 2025.
Not sold directly to websites
Blackwall provides traffic security tools to web hosting providers, helping websites cope with surging bot traffic, especially traffic generated by AI agents. It does not sell directly to websites but instead uses a channel model: hosting, managed services and cloud providers combine security components as needed, sell them to customers under their own brands at their own prices, and then share revenue with Blackwall, with the customer relationship remaining with the provider. Co-founder and CEO Nikita Rozenberg said the company uses digital fingerprinting to identify the software making requests and deploys its own AI models at customer sites to analyze request intent, in order to distinguish real visitors, legitimate AI agents and malicious bots.
Use of funds
The new funding will be used to expand operations in North America, Europe, Asia-Pacific and the Middle East, and to develop more security tools for hosting, cloud and managed service providers.