In a digital landscape marred by an ever-increasing number of cybersecurity threats, ArmorCode emerges as a sentinel, consolidating vulnerability data scattered across connected applications and software infrastructure. The cybersecurity platform has recently raised a substantial $40 million in a Series B funding round, led by HighlandX and featuring participation from NGP Capital, Ballistic Ventures, Sierra Ventures, and Cervin. With this latest injection of capital, ArmorCode’s total funding reaches an impressive $65 million.
ArmorCode stands as a formidable solution to a critical security challenge, as highlighted by co-founder and CEO Nikhil Gupta. The software security landscape is grappling with pervasive risks, a consequence of software proliferating at an unprecedented pace across diverse environments without adequately addressing vulnerabilities. Gupta’s vision for ArmorCode is clear—to empower security teams to keep pace with critical risks throughout their entire organization.
Before steering ArmorCode, Gupta held the position of CEO and co-founder at Avid Secure, ultimately acquired by Sophos in 2019. His venture into ArmorCode was prompted by the surge in software exploit attacks and the parallel surge in demand for robust defensive solutions. This echoes the broader trend; a 2022 report by HackerOne revealed that ethical hackers uncovered over 65,000 vulnerabilities in the same year, reflecting a 21% increase from 2021.
ArmorCode’s mission is to unveil vulnerabilities within an enterprise’s software and infrastructure, ranging from containers to public and private clouds. The platform boasts “role-specific” dashboards that offer insights into threat intelligence, risk scores, and actionable suggestions for mitigating potential attacks. The dashboards, tailored for security teams and individual members, also provide targeted training to enhance the organization’s overall security posture.
Gupta distinguishes ArmorCode from its competitors by positioning it as a vendor-neutral, platform-based solution designed for enterprise-scale challenges. While other solutions may address the problem at smaller scales or lock companies into specific scanners, ArmorCode aims for versatility and scalability.
Despite potential rivals in the cybersecurity arena, including ProjectDiscover, Socket, and Legit Security, ArmorCode has carved out a niche for itself. Gupta cites the company’s remarkable growth, with a 400% increase in annual recurring revenue over the past year. This expansion has been evident across numerous large enterprises in diverse sectors such as media and entertainment, hospitality, healthcare, consulting, and finance.
Bolstered by the recent funding, ArmorCode plans to accelerate its growth into European markets and explore new product areas. The company intends to enhance its workforce by 20%, aiming to increase its current staff of around 110 employees by the end of 2023. As digital transformation continues to accelerate, ArmorCode positions itself at the forefront of safeguarding organizations against the escalating threats in the ever-evolving land growing landscape of cybersecurity.