ArmorCode, a cybersecurity platform that gathers vulnerability data from connected apps and software infrastructure, consolidates the data into a single location, and standardizes it for analysis, has raised $40 million in a Series B round, with participation from NGP Capital, Ballistic Ventures, Sierra Ventures, and Cervin. ArmorCode’s mission is to standardize the data for analysis.
Nikhil Gupta, co-founder and CEO of ArmorCode, told TechCrunch in an email interview that the profits would strengthen the startup’s go-to-market operations and grow its product and technical teams. This brings the total amount of money that ArmorCode has raised to $65 million. Gupta proceeded by saying that they would also be utilized to support the inclusion of new capabilities for the supply chain of software and artificial intelligence and build ArmorCode’s collaborations in new geographical areas, particularly in Europe.
According to Gupta, “I co-founded ArmorCode to address a critical security challenge: pervasive risks as a result of software being released more frequently and in more places than ever before without addressing the security vulnerabilities.” ArmorCode was established to address this critical security challenge. When it comes to the most serious dangers that are present throughout the whole enterprise, security teams are having a difficult time keeping up. This was the reason that ArmorCode was developed.
Before founding ArmorCode, Gupta served as the CEO and co-founder of Avid Secure, a business that Sophos acquired in 2019. Additionally, Gupta was a co-founder of The Purple Book Network, a network of security leaders that together discuss issues, strategies, and case studies pertaining to the difficulties associated with protecting software.
Gupta founded ArmorCode after noticing the rise in the number of software exploit assaults and the accompanying increase in the demand for defensive solutions.
There are more besides him. Only in 2022 were ethical hackers able to find over 65,000 vulnerabilities, a 21% increase over 2021. This information is from a study that HackerOne released in 2022. It should come as no surprise that expenditure on cybersecurity is ascending; according to Statista’s projections, there will be a surge in worldwide spending on information security that is in the double digits between the years 2017 and 2024.
Through the use of “role-specific” dashboards, ArmorCode intends to bring vulnerabilities inside an organization’s software and infrastructure to light. These vulnerabilities include containers, isolated environments in which software is executed, and public and private clouds. These dashboards offer training that is geared toward security teams as well as individual members of those teams. In addition to threat intelligence tools that score risk and provide advice for mitigating assaults, these dashboards also provide training services.
According to Gupta, “With hundreds of different scanning tools across applications, infrastructure, the cloud, and more, organizations want to use the best-of-breed tools for each area but end up being flooded with findings that are difficult to consolidate… at scale.” As a result, organizations wind up being overwhelmed with discoveries that are difficult to consolidate. ArmorCode is the only company delivering a vendor-neutral, platform-based solution at the enterprise scale. While many vendors attempt to tackle this problem at a small or medium-sized scale or by tying enterprises onto specific scanners with their posture management system, ArmorCode is the only company doing so.
To what extent is ArmorCode the only platform that can be considered “enterprise-scale”? That is up for debate. One example of a competitor is ProjectDiscover, which is working on building tools that will assist security teams in identifying and addressing potential security issues. To identify potential security flaws in open-source code, Socket provides a scanning tool. In other places, Legit Security offers a platform that can analyze code to determine application vulnerabilities and carefully carve out a specific market section for itself. According to him, the firm’s client base has increased from the previous year, and it now includes “dozens” of significant enterprises operating in fields such as media and entertainment, hotels, healthcare, consulting, and financial services.
“As we’ve found product-market fit and are hitting a growth ramp, we decided to accept new funding to accelerate our growth into Europe and in new product areas,” Gupta said. He also mentioned that ArmorCode intends to increase its staff of around 110 workers by twenty percent by the end of the year 2023. “We started ArmorCode in the middle of the pandemic because we understood that the need for software security was going to be more prominent than it has ever been as a result of the acceleration of digital transformation,” said the company’s founder.
