Analysis
Estonia-based Blackwall has raised $100 million in a Series C round at a $2.2 billion valuation, roughly four times its mark from a 2025 fundraise, the company said Tuesday. AVP led the round, with existing investors Dawn Capital, MMC Ventures and Tera Ventures also participating, according to TechCrunch.
Blackwall builds web-traffic security tools for hosting providers, aimed squarely at the explosion of bot traffic -- including AI agents crawling the web on behalf of chatbots and research tools. Its products span threat intelligence, certificate management, DDoS protection and traffic routing, and the company uses digital fingerprinting alongside its own AI models, deployed at the customer's network edge, to tell legitimate visitors and AI agents apart from malicious bots.
Who Else Is Fighting Over Bot Traffic
Blackwall is far from alone in building for this problem. Cloudflare, which already runs a free AI Crawl Control product across its global network, is the dominant player by scale -- it sits in front of a meaningful share of the internet already. Akamai and Imperva, both established enterprise security vendors, compete for the same hosting and enterprise customers. Blackwall's bet is that smaller and mid-market hosting providers, who can't build this themselves, will pay to resell it under their own brand.
That channel-first model is also Blackwall's biggest structural risk. Rather than selling directly to websites, Blackwall works through hosting, cloud and managed-service providers, who resell its tools under their own branding, set their own prices, and share revenue back with Blackwall. It offers a free tier that shows traffic and threat data, then charges for the protection layer on top. That structure means Blackwall's growth depends on a relatively small number of partner relationships rather than a broad direct customer base -- a concentration risk that doesn't show up in a headline valuation number.
Executive chairman Roi Carthy described the new valuation as roughly 4x where the company stood at its previous raise in 2025, though the company has not disclosed exact prior-round figures or total funding to date. Blackwall also has not disclosed revenue, employee count or customer counts, so the $2.2 billion mark is harder to benchmark against comparable AI-security rounds than one backed by public ARR figures.
The company, led by chief executive Nikita Rozenberg, plans to use the new capital to expand in North America, Europe, Asia-Pacific and the Middle East, and to build out more security tools for its hosting, cloud and managed-service-provider customers.
Blackwall has not disclosed revenue, customer counts, or whether any of its largest hosting partners already have an in-house bot-detection roadmap of their own -- the one piece of diligence that would show whether this channel survives its next funding cycle.