ArmorCode, a cybersecurity platform that gathers vulnerability knowledge from linked apps and software program infrastructure, consolidating the information right into a single location and standardizing it for evaluation, has raised $40 million in a Sequence B spherical led by HighlandX with participation from NGP Capital, Ballistic Ventures, Sierra Ventures and Cervin.
Bringing ArmorCode’s whole raised to $65 million, the proceeds will likely be put towards bolstering the startup’s go-to-market efforts and increasing its product and engineering groups, co-founder and CEO Nikhil Gupta informed information.killnetswitch in an e mail interview. They’ll even be used to assist the addition of latest AI and software program provide chain capabilities and develop ArmorCode’s partnerships in new geographies, particularly Europe, Gupta continued.
“I co-founded ArmorCode to handle a vital security problem: pervasive dangers on account of software program being launched extra typically and in additional locations than ever earlier than with out addressing the security vulnerabilities,” Gupta mentioned. “Safety groups are struggling to maintain tempo [with] essentially the most vital dangers throughout the complete group. ArmorCode was constructed to unravel this.”
Previous to launching ArmorCode, Gupta was the CEO and co-founder of Avid Safe, which was acquired by Sophos in 2019. Gupta additionally co-launched The Purple Ebook Group, a neighborhood of security leaders who share considerations, practices and case research involving challenges round securing software program.
Gupta says he began ArmorCode after observing the uptick in software program exploit assaults — and the corresponding development within the demand for defensive options.
He’s not the one one. In accordance with a 2022 report from HackerOne, moral hackers had been capable of uncover over 65,000 vulnerabilities in 2022 alone, up 21% versus 2021. Unsurprisingly, spending on cybersecurity is rising; between 2017 and 2024, there will likely be double-digit development in world spending on data security, Statista predicts.
ArmorCode goals to floor vulnerabilities in an enterprise’s software program and infrastructure, together with containers (i.e. remoted environments through which software program runs) and private and non-private clouds, by way of “role-specific” dashboards. Along with risk intelligence instruments that rating danger and supply strategies for mitigating assaults, these dashboards present coaching focused at security groups and particular person members of these groups.
“With a whole bunch of various scanning instruments throughout purposes, infrastructure, cloud and extra, organizations need to use the best-of-breed instruments for every space, however find yourself being flooded with findings which can be tough to consolidate …. at scale,” Gupta mentioned. “A lot of distributors try to unravel this drawback at small- and medium-sized scale or by locking corporations into particular scanners alongside their posture administration answer, however solely ArmorCode is bringing a vendor-neutral, platform-based answer at enterprise scale.”
Is ArmorCode actually the one “enterprise-scale” platform of its sort? That’s debatable. Someday rivals embody ProjectDiscover, which is growing instruments to assist security groups detect and remediate security threats. Socket presents a scanning device to detect security vulnerabilities in open supply code. Elsewhere, there’s Legit Safety, which offers a platform to establish app vulnerabilities from code.
“As we’ve discovered product-market match and are hitting a development ramp, we determined to simply accept new funding to speed up our development into Europe and in new product areas,” Gupta mentioned, including that ArmorCode plans to develop its workforce of round 110 workers by 20% by the top of 2023. “We began ArmorCode in the midst of the pandemic as a result of we understood that the
want for software program security was going to be extra distinguished than ever on account of the acceleration of digital transformation.”
