Application security operations startup ArmorCode Inc. announced today that it has closed a $40 million Series B round to advance its mission of helping companies ship secure software fast and at large scale.

Founded in 2020, ArmorCode aims to “supercharge security teams” so organizations can ship secure software fast. It does so by transforming AppSec into a scalable and cost-effective process, making applications secure by delivery.

The platform consolidates application security tooling, streamlines application security processes, increases business agility and improves developer productivity to help companies take charge of increasingly complicated application security environments, according to the company. It includes application security posture management, which simplifies AppSec operations by providing a centralized view of all security findings across application and infrastructure security.

“Today, every company is a software company and the imperative for faster software delivery has unfortunately come at the expense of security,” said co-founder and Chief Executive Nikhil Gupta. “We are fixing that problem. Siloed tooling generates a massive number of security alerts across applications, infrastructure, cloud and the supply chain, and security teams need a single platform to view and triage these vulnerabilities so they can keep pace with the speed of software delivery.”

The new funding comes at a time of solid growth for ArmorCode. The company has seen 400% year-over-year revenue growth, off an undisclosed base, and Fortune 500 companies now make up 25% of its customer base. Notable customers include Shutterfly Inc., Guardant Health Inc., Pacific Investment Management Co. LLC, S&P Global Inc., SnapFinance LLC and Snapdocs Inc.

HighlandX Capital Management LP led the new funding round, with NGP Capital Partners LP, Ballistic Ventures Partners LLC, Sierra Ventures LP and Cervin Ventures LLC also participating. As part of the deal, HighlandX Managing Partner Corey Mulloy will join ArmorCode’s board.

ArmorCode plans to invest in go-to-market, product and engineering teams to grow the team by more than 20% and to expand its revenues with new partnerships and growth in Europe and new product areas. It also plans to introduce several new artificial intelligence and software supply chain capabilities to leverage its platform’s 4 billion processed findings further so organizations can prioritize risks and automate triaging and remediation workflows at scale.

Including the new funding, ArmorCode has raised approximately $65 million to date, according to data from Tracxn, including a round of $15 million in November 2022.

Image: ArmorCode