Total amount raised
$65 Millions
Latest funding date
12/01/2023
Location
ArmorCode has successfully raised funds through multiple rounds, with its latest being a Series B round. The company has garnered the support of 13 investors, including Sierra Ventures and Ballistic Ventures.
Keep reading to explore the intricacies of ArmorCode's fundraising journey and the investors backing this innovative platform.
What Is ArmorCode?
ArmorCode, founded in July 2020, is based in Palo Alto, California. The company was established by Anant Misra and Nikhil Gupta.
Specializing in Application Security Posture Management (ASPM), ArmorCode offers an AI-powered platform that integrates various security scanning tools. This platform provides a unified view of application security posture, prioritizes risks, and automates remediation workflows.
With a team of 101-250 employees, ArmorCode focuses on reducing application exposure and risk for its customers, delivering significant impact through its AppSecOps platform.
How Much Funding Has ArmorCode Raised?
- Series B
- Amount Raised: $40M
- Date: December 2023
- Lead Investors: Highland Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance ArmorCode's mission of helping companies ship secure software fast and at scale, invest in go-to-market, product, and engineering teams, grow the team by more than 20%, expand revenues with new partnerships and growth in Europe, and introduce new AI and software supply chain capabilities.
- Series A
- Amount Raised: $14M
- Date: November 2022
- Lead Investors: Ballistic Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's initial growth and development phases, including emerging from stealth mode and enhancing their platform capabilities.
- Seed Round
- Amount Raised: $8M
- Date: January 2022
- Lead Investors: Cervin Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund the early stages of the company's development and product innovation.
- Seed Round
- Amount Raised: $3M
- Date: May 2021
- Lead Investors: Sierra Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's foundational growth and initial market entry.
Total Amount Raised: $65M. Current Valuation: Not publicly disclosed.
Key Investors
- Highland Capital Partners
- Details: Highland Capital Partners is a premier venture firm that led ArmorCode's Series B funding round. Corey Mulloy, Managing Partner at HighlandX, joined ArmorCode’s board as part of the investment.
- Investment Focus Areas: High-growth technology companies, cybersecurity, enterprise software.
- Notable Investments: Not specified in the provided sources.
- Ballistic Ventures
- Details: Ballistic Ventures is a venture capital firm specializing in cybersecurity investments. Barmak Meftah, Co-Founder and General Partner, is a key figure in the firm.
- Investment Focus Areas: Cybersecurity, information technology, network security.
- Notable Investments: Not specified in the provided sources.
- Cervin Ventures
- Details: Cervin Ventures is a venture capital firm that focuses on early-stage enterprise technology companies. They participated in ArmorCode's Series B funding round.
- Investment Focus Areas: Early-stage enterprise technology, software, IT services.
- Notable Investments: Not specified in the provided sources.
- Sierra Ventures
- Details: Sierra Ventures is a venture capital firm that invests in early-stage technology companies. They have been an existing investor in ArmorCode.
- Investment Focus Areas: Early-stage technology, enterprise software, consumer technology.
- Notable Investments: Not specified in the provided sources.
- NGP Capital
- Details: NGP Capital is a global venture capital firm that participated in ArmorCode's Series B funding round. They focus on growth-stage technology companies.
- Investment Focus Areas: Growth-stage technology, innovation, global markets.
- Notable Investments: Not specified in the provided sources.
What's Next for ArmorCode?
ArmorCode stands at the cusp of significant opportunities, driven by its recent $40 million Series B funding. The company plans to expand its go-to-market, product, and engineering teams, with a particular focus on growth in Europe and the introduction of new AI and software supply chain capabilities. This expansion is bolstered by a 400% year-over-year revenue increase and a customer base that includes Fortune 500 companies.
Future fundraising opportunities seem promising, given the company's rapid growth and the increasing demand for its Application Security Posture Management (ASPM) and Risk-Based Vulnerability Management (RBVM) solutions. The successful Series B round and the involvement of high-profile investors suggest that additional funding rounds could be on the horizon to support further expansion and technological advancements.
However, ArmorCode may face challenges such as navigating the complexities of posture management with multiple security tools, maintaining its high growth rate, and competing with other security solutions in a rapidly evolving market. Ensuring customer satisfaction and meeting the evolving needs of modern customers will be crucial as the company scales its operations and continues to innovate in the cybersecurity landscape.
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