ArmorCode closes a $40 million Series B round
ArmorCode, specializing in Application Security Posture Management (ASPM) and Risk-Based Vulnerability Management (RBVM), has closed a $40 million Series B round to support its mission of enabling companies to deliver secure software quickly and efficiently. HighlandX led the round, joined by NGP Capital, and supported by existing investors Ballistic Ventures, Sierra Ventures, and Cervin Ventures. In addition, Managing Partner Corey Mulloy from HighlandX will join ArmorCode’s board. This brings the total raised amount to $65 million, facilitating organizations in comprehensively managing and enhancing their software security.
ArmorCode offers a platform that brings together vulnerability management across applications, infrastructure, and software supply chains. This comprehensive view helps teams move quicker and address critical issues efficiently, unlike standalone scanning tools. Their focus on aggregation and governance sets them apart, granting security teams complete visibility and the means to enhance their overall security posture.
Nikhil Gupta, CEO and Co-founder of ArmorCode, said in a statement:
“Today, every company is a software company, and the imperative for faster software delivery has unfortunately come at the expense of security. We are fixing that problem. Siloed tooling generates a massive number of security alerts across applications, infrastructure, cloud, and the supply chain, and security teams need a single platform to view and triage these vulnerabilities so they can keep pace with the speed of software delivery. At ArmorCode, our fundamental belief is that organizations should not have to sacrifice security for speed, which is why we break down security silos and automate security workflows. We do this with an AI-powered platform that can integrate vulnerability findings from 200+ security tools to provide unparalleled visibility, prioritization, and orchestration capabilities.”
The recently secured funding will propel ArmorCode’s expansion efforts by bolstering its go-to-market, product, and engineering teams, aiming for a growth of over 20%. Additionally, the company plans to broaden its revenues through new partnerships, European expansion, and entry into new product domains. ArmorCode will introduce advanced AI and software supply chain capabilities, building on its platform’s track record of processing 4 billion findings. This will enable organizations to streamline risk prioritization and automate large-scale triaging and remediation workflows.
After experiencing substantial growth in the past year, ArmorCode has seen a revenue surge of over 400%, with a quarter of its customer base comprising Fortune 500 companies. Noteworthy clients span eight diverse sectors, such as Media and Entertainment, Healthcare, and Financials, collectively holding trillions of dollars in assets.
Elena Teverovskaia, Engineering Director, InfoSec at athenahealth, an ArmorCode customer, commented:
“ArmorCode offers us a single view on all our application and infrastructure vulnerabilities, with the capability to efficiently prioritize them for swifter remediation. The true essence of our partnership with ArmorCode lies in their dedicated customer attention and clear understanding of our deliverables.”
