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December 4, 2023
ArmorCode has closed a preemptive $40 million Series B funding round to fuel growth, expansion and new capabilities development.
ArmorCode provides application security posture management (ASPM) and risk-based vulnerability management (RBVM). Venture firm HighlandX led the Series B funding round, joined by NGP Capital, along with participation from existing investors Ballistic Ventures, Sierra Ventures and Cervin Ventures.
As part of HighlandX’s investment, managing partner Corey Mulloy will join ArmorCode’s board. This marks a total of $65 million raised to propel organizations toward fully understanding and improving the state of their software risk.
ArmorCode's Nikhil Gupta
“Today, every company is a software company, and the imperative for faster software delivery has unfortunately come at the expense of security,” said Nikhil Gupta, ArmorCode’s CEO and co-founder. “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. At ArmorCode, our fundamental belief is that organizations should not have to sacrifice security for speed, which is why we break down security silos and automate security workflows. We do this with an artificial intelligence (AI)-powered platform that can integrate vulnerability findings from 200-plus security tools to provide unparalleled visibility, prioritization and orchestration capabilities.”
The funding follows a year of significant growth for ArmorCode, including more than 400% year-over-year revenue growth with Fortune 500 companies making up 25% of its customer base. Marquee customers include leading brands across eight different categories like media and entertainment, hotels, industrial controls, health care, consulting, semiconductors, financials, and fixed asset management, with trillions of dollars in assets.
ArmorCode will use the new funding to “supercharge” its growth by investing 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.
ArmorCode will also introduce several new AI and software supply chain capabilities to further leverage the platform’s 4 billion processed findings and counting, so organizations can prioritize risks and automate triaging and remediation workflows at scale.
“ArmorCode is helping enterprises navigate the complexities of posture management that arise from engaging multiple security tools,” Mulloy said. “Their approach is resonating with application, infrastructure and product security teams alike in one of the fastest-growing areas of security spend. Application security leaders are steadfast in their reliance on and trust in ArmorCode to identify and mitigate risk for their organizations. We believe the more than 400% year-over-year growth at ArmorCode is evidence security teams are hungry for a single pane of glass to improve collaboration, prioritize threats and consolidate the number of vendors they require. We are thrilled to back Nikhil and the ArmorCode team, as well as existing and new investors in this next chapter of growth.”
ArmorCode’s platform unifies the management of vulnerabilities and weaknesses across applications, infrastructure and the software supply chain so teams can get a comprehensive view of their risk, move faster and spend time fixing issues that matter most, according to the company. By focusing on aggregation and governance, ArmorCode differentiates itself from siloed scanning tools and enables security teams to improve their security posture by providing full visibility across their environments.
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