ArmorCode announced it closed a pre-emptive $40 million Series B round to advance its mission of helping companies ship secure software fast and at scale.
Premier venture firm HighlandX led the round, joined by NGP Capital, along with participation from existing investors Ballistic Ventures, Sierra Ventures and Cervin Ventures.
As part of HighlandX's investment, Managing Partner Corey Mulloy will join ArmorCode's board.
This marks a total of $65 million raised to propel organizations toward fully understanding and improving the state of their software risk.
The funding follows a year of significant growth for ArmorCode, including more than 400% year-over-year revenue growth with Fortune 500 companies making up 25% of its customer base.
Marquee customers include the leading brands across eight different categories like Media and Entertainment, Hotels, Industrial Controls, Healthcare, Consulting, Semiconductors, Financials, and Fixed Asset Management, with trillions of dollars in assets.
ArmorCode will use the new funding to supercharge its growth by investing in go-to-market, product, and engineering teams to grow the team by more than 20%, and to expand its revenues with new partnerships and growth in Europe and new product areas.
ArmorCode will also introduce several new AI and software supply chain capabilities to further leverage the platform's 4 billion processed findings and counting, so organizations can prioritize risks and automate triaging and remediation workflows at scale.
ArmorCode uniquely delivers a platform that unifies the management of vulnerabilities and weaknesses across applications, infrastructure and the software supply chain so teams can get a comprehensive view of their risk, move faster and spend time fixing issues that matter most.
By focusing on aggregation and governance, ArmorCode differentiates itself from siloed scanning tools and enables security teams to improve their security posture by providing full visibility across their environments.
This Cyber News was published on www.helpnetsecurity.com. Publication date: Mon, 04 Dec 2023 14:43:05 +0000