Israeli DevOps security startup Cycode raises $56M for accelerated product development
Israeli DevOps security startup Cycode Ltd. announced today it has raised $56 million in new funding to fuel sales growth and accelerate the development of its product roadmap.
Insight Partners led the Series B round, with YL Ventures also participating. Including the new funding, Cycode has raised $81 million to date, including a round of $20 million in May.
Founded in 2019 and launching out of stealth mode the same year, Cycode provides source code control, detection and response services designed to protect code repositories. The company’s Source Path Intelligence engine delivers comprehensive visibility into all code and automatically detects and responds to anomalies in its access, movement and usage.
Cycode’s solution is taking on a serious problem: threats to code and software engineering as DevOps teams have adopted new tools. In previous years, application security teams secured development tools themselves, but they are rarely responsible for doing so today. In a survey of 176 technology executives, fewer than 22% of organizations have application security teams responsible for securing these essential development tools and processes.
The company’s solution addresses software supply chain security with a platform that provides visibility, security and integrity across all software development lifecycle phases. Through integrations with DevOps tools and infrastructure, Cycode hardens security postures and implements consistent governance policies.
Cycode’s service also further reduces the risk of software supply chain breaches by scanning for hardcoded secrets, infrastructure as code misconfigurations, code leaks, improper access and more. Cycode’s knowledge graph creates a comprehensive mapping of the software supply chain, including security violations, user activity and other events across the SDLC, with an aim to prioritize risk, find anomalies and prevent code tampering.
“The key to modern AppSec is centralizing and mapping events and metadata across the SDLC such that it becomes easy to determine when disparate activities add meaningful context to each other,” Lior Levy, co-founder and chief executive officer of Cycode, said in a statement. “With each new integration, our knowledge graph becomes smarter. Hence, one of our goals is to integrate with every software delivery and AppSec tool to determine how each dot is connected and when it’s relevant.”
Cycode has seen strong growth with annual recurring revenue up by a multiple of seven times over the last three quarters, though it didn’t provide specifics. The company has customers ranging from large Fortune 500 enterprises to rapidly growing startups. Notable clients include Grubhub Inc., Databricks Inc., Flexport Inc., Rapyd Financial Network (2016) Ltd., Copart Inc. and The Cobalt Co.
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