Automated application security testing company ShiftLeft has scored $29m in funding to accelerate the development of its product.
Cybersecurity-focused investment firm SYN Ventures and Blackstone Innovation Investments backed the round. Other unnamed backers also committed capital.
With the funds, the company plans to bolster its product development to incorporate cloud native architectures. It hopes this can expand its potential customer footprint and allo it to provide application security solutions for organizations running Kubernetes and other container-based application architectures.
It will also increase its marketing and sales efforts and has named SYN managing partner Jay Leek as a member on its board of directors. As part of its expansion efforts, the company is looking to hire staff across all of its departments.
ShiftLeft is an AppSec platform that aims to bring developers and security together. Its CORE solution analyses the application as a whole and mimics how attackers would try to break into the application, rather than analysing individual application components in isolation.
This investment comes after a strong period of growth for ShiftLeft, which includes earning a 97% gross retention rate and a 143% net retention rate, it said.
Leek said, “One of the key things we heard in our due diligence with AppSec leaders who use ShiftLeft is that it was the only application security testing platform that both developers and AppSec teams love. As a former practicing CISO, that caught my attention.
“By quickly identifying the most ‘attackable’ vulnerabilities and recommending fixes while also showing developers the vulnerable data path specific to their applications, ShiftLeft not only streamlines security but also teaches developers how to write secure code.”
The CyberTech company previously raised $20m in its Series B back in 2019. It was supported by Thomvest Ventures, Bain Capital Ventures and Mayfield.
Copyright © 2022 FinTech Global
Copyright © 2018 RegTech Analyst