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ArmorCode , a cybersecurity platform that gathers vulnerability datum from connected apps and software infrastructure , consolidating the data point into a single location and standardizing it for analysis , has raise $ 40 million in a Series B round led by HighlandX with involution from NGP Capital , Ballistic Ventures , Sierra Ventures and Cervin .
make for ArmorCode ’s sum heighten to $ 65 million , the yield will be put toward bolstering the startup ’s go - to - market efforts and expanding its product and technology teams , co - founder and CEO Nikhil Gupta told TechCrunch in an email interview . They ’ll also be used to bear out the accession of Modern AI and software provision chain capability and raise ArmorCode ’s partnership in new geographies , specifically Europe , Gupta continued .
“ I co - founded ArmorCode to handle a vital security measures challenge : pervasive risks as a resultant of package being issue more often and in more billet than ever before without address the security vulnerabilities , ” Gupta said . “ Security teams are struggling to keep tempo [ with ] the most decisive risks across the entire constitution . ArmorCode was built to solve this . ”
Prior to launch ArmorCode , Gupta was the chief executive officer and co - founder of Avid Secure , which was acquired by Sophos in 2019 . Gupta also co - launch The Purple Book Community , a community of security leader who share concerns , practice session and case study involve challenges around stop up computer software .
Gupta says he started ArmorCode after observing the uptick in software exploit attack — and the corresponding increase in the demand for defensive solutions .
He ’s not the only one . Accordingto a 2022 report from HackerOne , honorable hacker were able to discover over 65,000 vulnerabilities in 2022 alone , up 21 % versus 2021 . Unsurprisingly , spending on cybersecurity is increasing ; between 2017 and 2024 , there will be two-fold - digit growth in global outlay on info security , Statistapredicts .
ArmorCode aims to surface vulnerabilities in an enterprise ’s software and substructure , including container ( i.e. isolated environments in which software runs ) and public and secret clouds , through “ role - specific ” dashboards . In gain to threat news tools that score jeopardy and provide suggestions for mitigating tone-beginning , these dashboards put up training aim at security teams and individual members of those teams .
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“ With century of different scanning shaft across coating , base , cloud and more , constitution want to use the best - of - strain putz for each country , but end up being flooded with findings that are difficult to consolidate … . at scale , ” Gupta said . “ Lots of vendor are attempting to work this trouble at small- and medium - sized scale leaf or by mesh companies into specific scanners alongside their posture management solution , but only ArmorCode is bringing a vendor - neutral , program - based solution at go-ahead shell . ”
Is ArmorCode really the only “ enterprise - scale ” political platform of its form ? That ’s debatable . Sometime rivals includeProjectDiscover , which is developing tools to help security team detect and remediate security threats . Socketoffers a scan creature to detect security measure vulnerabilities in opened source code . Elsewhere , there’sLegit Security , which furnish a platform to name app exposure from computer code .
ArmorCode has managed to carve out a niche for itself , though — at least fit in to Gupta . He says that the company ’s yearly recurring revenue has grow 400 % in the past year across “ dozens ” of large go-ahead in industries including medium and amusement , hospitality , health care , consulting and fiscal .
“ As we ’ve found product - grocery fit and are bump off a growth ramp , we decided to take new financing to speed up our growth into Europe and in newfangled production areas , ” Gupta said , tot that ArmorCode contrive to lucubrate its men of around 110 employees by 20 % by the ending of 2023 . “ We come out ArmorCode in the center of the pandemic because we understood that the need for software security was going to be more prominent than ever as a solution of the quickening of digital transformation . ”
