IriusRisk, a threat modelling company, has landed $29m in a Series B funding round headed by Paladin Capital Group.
Also participating in the round was SwanLaab Venture Factory, BrightPixel Capital, 360 Capital and Inveready.
IriusRisk is an open threat modelling platform that automates and supports creating threat models at design time.
The threat model includes recommendations on how to address the risk. IriusRisk then enables the user to manage security risks throughout the rest of the software development lifecycle with architectural diagramming and full customisation to enable every stakeholder to collaborate.
The firm said it more than quadrupled its partner base across 2021 and grew its users of its free community edition version of the platform by 120%, with over 4,000 projects running through the platform over the last year.
IriusRisk said the new funding would be used to support R&D, grow its community platform, and support continued hiring.
IriusRisk CEO and co-founder Stephen De Vries said, “Industries such as financial services, healthcare, the public sector and many more are already performing threat modeling and now need to do it at scale.
“Increasing awareness and standards such as those from the NIST, OWASP Top Ten and IEC/ANSI require threat modelling as a fundamental step in building secure code. This helps to raise the profile of threat modelling overall in the industry.”
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