Software supply chain security company Cycode has raised $56m from a Series B funding round.
The financing raise was led by Insight Partners and saw participation from YL Ventures, a venture capital firm that had previous led Cycode’s seed investment. This recent funding haul follows the company’s earlier $20m Series A in May this year and brings total investment in Cycode to $81m.
Founded in 2019, Cycode markets a software supply chain security solution that offers visibility, security and integrity across all phases of the software development life cycle. Cycode integrates with DevOps tools and infrastructure providers and hardens their security postures by implementing consistent governance and reduces the risk of breaches with a series of scanning engines that look for hardcored secrets, infrastructure as code misconfigurations, code leaks and more.
Cycode has claimed it intends to use the newly raised capital to fuel sales growth and accelerate development of its product roadmap. The company is also expanding its go-to-market capabilities by building a partner-friendly ecosystem of both channel and technology alliances.
Cycode CEO and co-founder Lior Levy said, “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. 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.”
Insight Partners principal Jon Rosenbaum added, “Simply put, software supply chains are highly vulnerable absent thoughtful security measures. Cycode’s leadership in securing DevOps pipelines meets developers where they are while giving CISO’s peace of mind. There has been a continually increasing demand for Cycode’s solutions, and we’re excited to continue to support the business as it doubles down on R&D and go-to-market efforts into the ScaleUp phase of growth.”
Copyright © 2021 RegTech Analyst
Copyright © 2018 RegTech Analyst
