ArmorCode, the leader in AppSecOps, today announced it secured a $14 million Series A investment led by Ballistic Ventures, the venture capital firm solely focused on backing cybersecurity startups, founded by Kevin Mandia, Barmak Meftah, Ted Schlein, Jake Seid, and Roger Thornton. Other investors include Sierra Ventures, Cervin, and industry luminaries such as John Donovan, the former CEO of AT&T Communications, Oliver Friedrichs, founder and former CEO of Phantom Cyber (acquired by Splunk), John M. Jack, current board member at Contrast Security and Illumio, among others, and Tom Reilly, former CEO of Cloudera and ArcSight. Founded in July 2020, ArmorCode’s Series A brings its total funding to $25 million, underscoring its momentum, which includes a seven-figure annual recurring revenue within its first financial year and revenue doubling in consecutive quarters with customers that include Fortune 100 enterprises.
“ArmorCode gives us immediate visibility into our application security posture, across all applications, APIs, and microservices. By combining these insights with vulnerability management within ArmorCode, we are able to unify application security with traditional vulnerability management and scale our application security program so we can release software faster and more securely,” said Russell Ragar, Director of Product Security at Snapdocs.
“Organizations everywhere are looking for ways to build security into the fabric of their applications without compromising speed of development,” said Barmak Meftah, General Partner of Ballistic Ventures. “We invested in ArmorCode because their technology allows for application security teams to have full visibility and orchestration while providing a unified view into their application security posture – and on top of it all, the company has incredible market traction and impressive customer adoption.”
According to the Purple Book Community’s recent survey, 60% of organizations prioritize speed over security when releasing software. This is a problem, as there are 100 or more developers for every application security engineer, making it hard for them to keep pace with the speed of software releases. With businesses prioritizing shipping applications fast, it leads many applications to launch without the necessary security checks and leaves organizations vulnerable. ArmorCode’s platform is able to solve this problem by delivering a unified view into customers’ AppSec posture, vulnerability, and compliance management as well as into their development, security, and operations (DevSecOps) workflow automation.
“The need for applications to ship fast, secure, and compliant has become more critical than ever,” said Nikhil Gupta, CEO and Co-founder of ArmorCode. “This funding, and being able to close it in only two weeks, provides further evidence of the importance of improving AppSec and breaking down the silos separating development, security, and operations. This funding will help our business scale as we provide the industry leading AppSecOps platform and enable more organizations to secure their AppSec posture.”