ArmorCode Raises $40 Million in Series B Funding to Enhance Software Security

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ArmorCode, a cybersecurity platform addressing the rising challenges of software vulnerabilities, has successfully raised $40 million in a Series B funding round led by HighlandX, with participation from NGP Capital, Ballistic Ventures, Sierra Ventures, and Cervin. This brings ArmorCode’s total funding to $65 million, and the funds will be utilized to strengthen go-to-market efforts, expand product and engineering teams, introduce new AI and software supply chain capabilities, and grow partnerships, especially in Europe.

Founded by Nikhil Gupta, who previously co-founded Avid Secure, ArmorCode aims to tackle the pervasive risks associated with the increased frequency of software releases without adequate security measures. The platform consolidates vulnerability data from connected applications and software infrastructure into a centralized location, standardizing it for analysis. The goal is to help security teams keep pace with critical risks across the entire organization.

The funding will support the addition of new capabilities, including AI and software supply chain enhancements, and expand partnerships in Europe. ArmorCode plans to enhance its platform with role-specific dashboards that surface vulnerabilities in an enterprise’s software and infrastructure, covering containers, public and private clouds, and more. These dashboards, along with threat intelligence tools and targeted training, aim to empower security teams to effectively identify and mitigate potential attacks.

Amid the increasing number of software exploit attacks, ArmorCode’s vendor-neutral, platform-based solution claims to address the challenge at an enterprise scale. Gupta emphasizes that while other vendors may attempt to solve the problem at a smaller scale or through specific scanners, ArmorCode provides a comprehensive solution for large enterprises.

The cybersecurity sector is witnessing substantial growth, driven by the surge in cyber threats. Ethical hackers discovered over 65,000 vulnerabilities in 2022 alone, reflecting a 21% increase from the previous year, according to a report from HackerOne. As spending on cybersecurity continues to rise globally, platforms like ArmorCode play a crucial role in helping organizations secure their software and infrastructure in the face of evolving threats.

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