ArmorCode Secures $40M in Funding: Revolutionizing Software Risk Management and Expanding Global Reach
ArmorCode Raises Funding
ArmorCode, the leading company in Application Security Posture Management (ASPM) and Risk-Based Vulnerability Management (RBVM), successfully secured $40 million in its latest Series B funding round. The fundraising initiative was led by the premier venture firm, HighlandX.
This new round brings the total amount raised by ArmorCode to $65 million. The additional funds will be used to further the firm's mission of assisting organizations in speeding up their software production process while maximizing the scale and security of their deliverables.
Participating Firms in the Funding Round
The Series B funding round attracted significant attention from numerous established venture capital firms. Ballistic Ventures, Sierra Ventures, Cervin Ventures, and NGP Capital joined HighlandX in financing ArmorCode's advanced application security solutions.
These investors acknowledged the company's potential and the growing demand for robust and efficient security software in an increasingly digital landscape.
Management Changes Post-Investment
Further to the funding news, ArmorCode confirmed that Managing Partner at HighlandX, Corey Mulloy, will join its board. This strategic move is viewed as a significant addition to the company and comes as part of HighlandX's involvement in the financing round.
Mulloy's extensive experience in venture capitalism and business management is anticipated to contribute considerably to ArmorCode's strategic direction and, consequently, to its sustained growth and success in the application security industry.
The Role and Purpose of ArmorCode
ArmorCode, a Palo Alto-based startup founded in 2020, is diligently working to help organizations understand and effectively manage their software risk. Their main goal is to expedite the security process, allowing businesses to swiftly deliver secure software at scale. They target to "supercharge security teams," thus transforming AppSec into a highly scalable and cost-effective process. ArmorCode ensures applications are secure upon delivery.
The company's innovative platform consolidates application security tooling, streamlines application security processes, and leads to improved productivity for developers. This, in turn, increases business agility and helps organizations stay in control of their increasingly complex application security environments.
ArmorCode's Application Security Posture Management
ArmorCode's platform includes application security posture management. It provides a centralized view of all security findings across the application and infrastructure security, allowing for more simplified AppSec operations. As per ArmorCode's CEO and co-founder, Nikhil Gupta, today's aggressive push for faster software delivery often compromises security. He states that ArmorCode is working relentlessly to fix this issue.
As today's digital environment is characterized by multiple tooling generating many security alerts across various domains such as applications, infrastructure, cloud, and the supply chain, security teams need a single, comprehensive platform. ArmorCode, with its focus on consolidating all security findings, allows for effective triage of vulnerabilities, keeping pace with the speed of software delivery.
Growth and Expansion of ArmorCode
ArmorCode's effort in the application security industry has been well received. The company has witnessed a 400% YoY revenue growth and has successfully penetrated the Fortune 500 companies, which now make up 25% of its customer base. Renowned clients of ArmorCode include Shutterfly Inc., Guardant Health Inc., Pacific Investment Management Co. LLC, S&P Global Inc., SnapFinance LLC, and Snapdocs Inc.
ArmorCode will channel its new funding into marketing efforts, research and development, and expanding its engineering teams. It plans to increase the overall team size by over 20%, expand revenue through acquiring new partnerships, and grow geographically in Europe. The company also plans to introduce artificial intelligence capabilities and software supply chain functionalities to further utilize its platform's capabilities, thereby helping organizations prioritize risks and automate triaging and remediation workflows at scale.
Enhancement of the Existing Offerings
Besides workforce expansion, ArmorCode aims to develop new Artificial Intelligence (AI) capabilities and software supply chain functions. These advancements will be integral to the company's primary offering, a platform that gives organizations a unified visibility of their risks surface. With the integration of AI capabilities, ArmorCode anticipates equipping organizations with the capability to automate operational processes, including triaging and remediation workflows. The new software supply chain functions would further strengthen the company's service offerings, thereby amplifying the advantages of its consolidated application security stance.
Other Noteworthy Cybersecurity News
Investments in Cybersecurity Firms
Two cybersecurity firms recently secured significant investment to further their services and platforms. Cavelo, a cybersecurity company, raised CA$ 5 million to develop its attack surface management platform. This funding will enable the firm to advance its solutions that help organizations detect, understand, and manage their external digital footprint and the associated risks.
Simultaneously, another cybersecurity company, Tidal Cyber, made headlines by raising $5 million for its threat-informed defense platform. The platform aims to improve companies' defense mechanisms by providing a threat-informed methodology that leverages the knowledge of threat behaviors to protect enterprises against cyber risks.
Russian TrickBot Malware Developer Pleads Guilty
In a significant development in the cybersecurity landscape, a Russian national has pleaded guilty to his role in developing the infamous TrickBot malware. This reflects a major victory in the fight against cybercrime. TrickBot, known for its role in many ransomware attacks, has been a concerning threat to organizations worldwide for several years. The guilty plea marks significant progress in curbing the spread of this harmful malware.
Risks Exposed Due to Leaked API Tokens Involving 'Hugging Face'
A recent security incident involving 'Hugging Face,' a provider of AI tools, has put major organizations at risk. Leaked API tokens associated with Hugging Face's tools have created potential vulnerabilities for many organizations. These tokens could be misused by malicious actors to gain unauthorized access to sensitive systems, thus underlining the critical importance of secure API management in today's digital security landscape.