Hot startup of the month: Nigeria's APIsentry

Africa's digital frontier is facing a growing cybersecurity crisis. The rapid expansion of the digital economy is unfortunately coupled with a corresponding rise in sophisticated cyberattacks.

According to a report from Mordor Intelligence, Africa's cybersecurity market is projected to reach US$600 million by the end of 2024 and grow to $1.14 billion by 2029, driven by increasing digitalization and cyberthreats.

Furthermore, the report highlights that 70% of African organizations faced at least one cyberattack in the past year, underscoring the urgent need for effective cybersecurity measures. 

The escalating threat landscape has fueled a surge in innovative startups, which has created a dynamic and exciting ecosystem.

Amid this challenging landscape, APIsentry has emerged as a player in the cybersecurity sector.

Founded in Nigeria in September 2023, by Sylvia Onwukwe, Damilola Enikanoselu, and Emmanuel Ezehiwele, APIsentry focuses on delivering comprehensive application programming interface (API) security solutions tailored for early and growth-stage tech startups across Africa.

"With cyberattacks on the rise, resulting in massive losses for businesses, and APIs being the primary target, our platform is uniquely positioned to combat these threats," APIsentry CEO Emmanuel Ezehiwele told Connecting Africa.

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APIsentry's origin story

"The inspiration to build APIsentry came from witnessing firsthand the increasing number of cyberattacks targeting APIs, a trend projected to cost businesses over a trillion dollars by 2025," Ezehiwele explained.  

He said as businesses increasingly rely on APIs, traditional cybersecurity solutions were fragmented and inadequate, often leading to high costs, multiple alerts, and significant security gaps.

Before building APIsentry, we were a service-based company called Wired Assurance, providing penetration testing and other forms of security tests," he explained.  

"Through this, we saw the need to build an automated API security solution that would address the rising number of API security flaws that we detected," Ezehiwele reflected.

APIsentry enables organizations to strengthen their API security, maintain compliance and enhance performance amidst the dynamic cybersecurity landscape.

"We use advanced real-time protection against emerging threats for a company's APIs through AI-based analysis and prevention," said Ezehiwele.

He added that APIsentry aims to not only provide effective API security solutions but also contribute to economic growth and workforce development in African markets through the following channels: Security and compliance, support for local businesses, education and training, adaptability to diverse markets, training administrators and resellers, cybersecurity internships as well as empowering women in tech.

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APIsentry enables organizations to strengthen their API security, maintain compliance and enhance performance amidst the dynamic cybersecurity landscape. (Source: Image by DC Studio on Freepik)

Ezehiwele said APIsentry provides a platform that helps companies secure their APIs, ensuring compliance with regional standards such as GDPR, PCI-DSS and local data protection laws.

"APIsentry supports the growth of local businesses by providing cost-effective API security solutions through our SME plan. To address the skills gaps in cybersecurity and API management, we provide educational resources and training programs tailored to African markets," he said.

Moreover, the company just concluded its 2023 cybersecurity training with six scholarships awarded to students and is about to start the 2024 cohort.

"Our platform supports multiple languages and can be configured to comply with different regional regulations, offering flexibility for businesses operating in multiple countries. Furthermore, APIsentry offers specialized training programs for API administrators and resellers," he said.

APIsentry supports multiple languages and can be configured to comply with different regional regulations, offering flexibility for businesses operating in multiple countries. (Source: APIsentry)

The CEO said that these programs equip individuals with the skills needed to manage, secure and maintain APIs while creating new job opportunities.

The company collaborates with educational institutions and industry partners to offer cybersecurity internships. These programs provide hands-on experience in API security, giving African students and recent graduates practical skills and a pathway to employment.

Ezehiwele said APIsentry's internships are designed to build a talent pipeline for the company and other businesses in the cybersecurity space.

"We also support diversity and inclusion, particularly in promoting women in technology in the Africa region," the CEO continued.

Expansion plans

Ezehiwele shared that the company has ambitious expansion plans for several reasons.

"Firstly, as the demand for robust API security solutions continues to grow globally, expanding into new markets presents a significant opportunity for growth and revenue generation," he said.  

"Additionally, by entering new regions and industries, we can diversify our client base and mitigate risks associated with market saturation or economic fluctuations in specific sectors," he continued.

"Moreover, expanding will allow us to leverage our existing expertise and resources more effectively, maximizing our impact and solidifying our position in the cybersecurity industry," the APIsentry CEO said.

Ezehiwele added that the company's next steps involve further enhancing its AI-driven security platform to provide even more comprehensive protection against evolving threats in the digital landscape.

"We plan to expand our product offerings, introduce new features, and strengthen partnerships with key players in the cybersecurity ecosystem," he said.

"Additionally, APIsentry will continue to focus on customer acquisition and retention, ensuring that we deliver exceptional value and service to our clients," Ezehiwele concluded.