Total amount raised
$73.5 Millions
Latest funding date
09/01/2023
Location
Legit Security has successfully raised $40 million in a Series B funding round, with participation from investors such as Cyberstarts and TCV. This funding aims to enhance their sales, research and development, and address emerging cyber threats.
Keep reading to explore the intricacies of Legit Security's fundraising journey and the investors backing this innovative platform.
What Is Legit Security?
Legit Security, founded in 2021, is a company specializing in AI-Native Application Security Posture Management (ASPM). Headquartered in Boston, Massachusetts, the company focuses on helping organizations develop secure applications quickly by providing an automated view of application risks, including code, cloud, and supply chain vulnerabilities.
With a team of 51-100 employees, Legit Security offers various products and services to ensure compliance with security frameworks and protect sensitive information throughout the Software Development Life Cycle (SDLC). The company was founded by Liav Caspi, Lior Barak, and Roni Fuchs.
How Much Funding Has Legit Security Raised?
- Seed Round
- Amount Raised: $3.5M
- Date: September 2020
- Lead Investors: Cyberstarts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early development and market entry.
- Series A
- Amount Raised: $30M
- Date: February 2022
- Lead Investors: Bessemer Venture Partners, TCV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bring the company out of stealth and support its early development and market entry.
- Series B
- Amount Raised: $40M
- Date: September 2023
- Lead Investors: CRV, Cyberstarts, Bessemer Venture Partners, TCV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand sales, marketing, and R&D efforts, and to address emerging threats from AI and large language models (LLMs).
Total Amount Raised: $73.5M. Current Valuation: Not publicly disclosed.
Key Investors
- CRV (Charles River Ventures)
- Details: CRV is a venture capital firm that invests in early-stage technology companies. Founded in 1970, CRV has invested in more than 400 startups.
- Investment Focus Areas: Technology, software, internet sectors.
- Notable Investments: Twitter, Zendesk, DoorDash.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a global venture capital firm that invests in early to growth-stage companies. They have a long history of successful investments across various sectors.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- TCV (Technology Crossover Ventures)
- Details: TCV is a private equity and venture capital firm that invests in technology companies at various stages of growth. They focus on high-growth opportunities in the tech sector.
- Investment Focus Areas: Internet, software, financial technology.
- Notable Investments: Netflix, Facebook, Spotify.
- Cyberstarts
- Details: Cyberstarts is a venture capital firm focused on early-stage cybersecurity startups. Founded by Gili Raanan, the firm has a strong track record in the cybersecurity space.
- Investment Focus Areas: Cybersecurity.
- Notable Investments: Wiz, Fireblocks, Axis Security.
What's Next for Legit Security?
Legit Security stands at the cusp of significant growth opportunities, driven by the increasing demand for Application Security Posture Management (ASPM) tools. With the recent $40 million Series B funding, the company is poised to expand its sales, marketing, and R&D efforts, enhancing real-time visibility and security control across development environments. The growing reliance on AI-generated code and embedded Large Language Models (LLMs) presents a substantial market opportunity, as Gartner predicts a significant rise in ASPM adoption by 2026.
Future fundraising opportunities appear promising, with potential for additional Series C rounds or even an Initial Public Offering (IPO) as the company continues to grow. The successful Series B round and the increasing importance of securing software supply chains suggest that Legit Security may attract further investment to scale operations and enhance product features.
However, challenges lie ahead. The rapidly evolving cybersecurity landscape, competition from other ASPM providers, and the need to continuously innovate to address emerging threats from AI and LLMs will test the company's resilience. Maintaining a competitive edge and ensuring the scalability of their platform will be crucial as they navigate these complexities.
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