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Endor Labs' partners will benefit from expanded capabilities with extended services.
August 3, 2023
Endor Labs, a startup that helps address software supply chain security, has obtained $70 million in new Series A funding.
Lightspeed Venture Partners (LSVP), Coatue, Dell Technologies Capital, Section 32, and over 30 CEOs, CISOs and CTOs contributed to the Series A funding round.
The new funding, which includes $22 million converted to equity from the previous round and comes only 10 months after the company’s launch, will help Endor Labs create effective application security programs.
Endor Labs’ Andrew Davidson
Andrew Davidson, Endor Labs’ vice president of business development and alliances, said his company has always maintained that the best channel programs feature “great solutions that can be customized to meet the needs of specific channel providers and their particular customers.”
“Now, thanks in part to the new funding, the channel will directly benefit from expanded capabilities with extended services,” he said.
Endor Labs has evolved significantly since emerging from stealth mode barely a year ago, Davidson said. The core mission remains the same, to eliminate the “productivity tax” associated with developers wasting time hunting down software vulnerabilities in code that isn’t used, and identifying the most serious in order to enhance and accelerate application development.
“Endor Labs began by focusing on the noisiest area in application security, open source software (OSS),” he said. “Today, the company’s newly expanded Endor Labs Code and Pipeline Governance Platform offers a much broader range of capabilities, all uniquely suited to market needs.”
Partners are critical to Endor Labs’ growth and expansion plans, Davidson said.
“And that’s why the company launched and is fully committed to its Hyperdrive channel program,” he said. “Endor Labs is dedicated to enhancing revenue opportunities for every partner. There’s no question that each channel provider can use the Endor Labs platform to unlock new income from additional services related to the OSS and application development lifecycle. This includes consulting, developing and maintaining a variety of new programs.”
With more custom software needed for more tasks both simple and complex, the use and reuse of OSS will only continue to increase throughout the application development lifecycle and related application security priorities, Davidson said.
“And while explaining the value proposition of some technology offerings can be a challenge, Endor Labs has accelerated the proof of concept and procurement process for all of our prospective partners, while eliminating the need for complex configurations or architecture reviews,” he said. “This makes for a powerful combination, and Hyperdrive partners will get the full complement of expert presales support, solution deployment and ongoing customer success. This is truly a win-win, and the new funding enables expansion across the board in capabilities and partner support.”
There are no direct competitors to Endor Labs as its “approach is unique, and so is the technology,” Davidson said.
“The platform allows developers to prioritize security and operational risk in code that’s actually in use, eliminating 80% of false positive vulnerability alerts and increasing developer productivity,” he said. “That’s a major advance over alternative options, such as software composition analysis (SCA) tools that drown developers in alerts that lack any meaningful context. The Endor Labs platform, by contrast, offers deep visibility into the software inventory in ways that escalate security and ease compliance.”
“We love to partner early with outstanding entrepreneurs who have clarity of vision, and support them through every stage of the company’s journey,” said Arif Janmohamed, partner at Lightspeed. “Varun Badhwar [Endor Labs’ founder and CEO] and team are not only addressing a massive, unmet need in the application security world, but are laying the foundation for an enduring company in a fast-growing market. Lightspeed is proud to have invested in Endor Labs’ seed financing, and to lead their Series A round.”
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