Insignary, an open-source software (OSS) security and compliance firm, has landed an investment from tech consultancy BearingPoint.
The strategic investment marks BearingPoint’s first in an Asian start-up and builds on its existing partnership with Insignary, through which they became the first to offer managed binary code scanning service in Europe. Insignary will use the new capital to meet the growing demand in the EU, the US and Asia for businesses looking to improve their open-source software (OSS) risk management.
Tae-Jin Kang, CEO of Insignary, said: “We are very excited to welcome our strategic partner, BearingPoint, as a new investor. Having the financial and strategic support of such a leader in enterprise managed security services validates Insignary’s technology and go-to-market strategy, and fuels our momentum as a company.”
Founded in 2016, venture-backed Insignary is a global leader in binary-level software composition analysis. Through its Insignary Clarity and TruthIsIntheBinary.com software and cloud-based solutions, the company enables unmatched open source software binary scanning to uncover and address security and license compliance issues.
Its Software-as-a-Service (SaaS) and server-based security tool, Insignary Clarity, is designed to allow proactive scanning of software binaries for known, preventable security vulnerabilities, while also identifying potential licence compliance issues.
It scans for fingerprints from a binary to examine and then compares them against the fingerprints collected from open source components hosted in numerous open source repositories. Once a component and its version are identified through Clarity’s fingerprint-based matching, they are compared to more than 180,000 known security vulnerabilities catalogued in databases such as NVD and VulnDB.
“Insignary has a unique capability of coping with one of the most pressing challenges companies face today: identifying and addressing known security vulnerabilities,” said Patrick Palmgren, chief development officer at BearingPoint.
“With OSS used in critical enterprise platforms, web and mobile apps, as well as internet of things (IoT), blockchain, cloud, open container and other fast-growth technologies, Insignary is at the forefront with its security solutions.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
