ArmorCode, known for its innovative approach to software security, has successfully closed a preemptive Series B funding round.
This latest injection of $40m, led by HighlandX, elevates ArmorCode’s total funding to an impressive $65m.
Among the notable investors participating in this round are Nokia General Partners, alongside previous backers such as Ballistic Ventures, Cervin Ventures, and Sierra Ventures. This robust support from both new and existing investors underlines the market’s confidence in ArmorCode’s vision and strategy.
ArmorCode stands out in the software security landscape for its unique approach. Founded in the midst of the pandemic in July 2020, the company’s mission is to democratize and simplify software security. Recognizing the rapid pace of digital transformation and the corresponding challenges in software security, ArmorCode has developed a unified platform approach. This platform integrates with any security scanner from any vendor, offering a streamlined solution for identifying and remediating software risks.
The company has seen substantial growth and market traction over the last three years. With a focus on supporting its customers, ArmorCode has shaped its platform to effectively manage software risk across applications, infrastructure, cloud, and the software supply chain. Their success is evidenced by a 400% year-over-year growth in Annual Recurring Revenue (ARR) and a remarkable Net Revenue Retention (NRR) rate of 130%.
Brian Pitts, Senior Director, Product Security at Johnson Controls, praised ArmorCode’s impact, saying, “Johnson Controls has been pleased to work with ArmorCode to mature and scale our product security program. The ArmorCode platform gives us clear and unified visibility across applications and security tools – identifying the most business critical vulnerabilities our teams should be focused on.
“ArmorCode’s risk-based prioritization and workflow automation are integral to our secure software development process. We look forward to our continued collaboration as these new investments accelerate ArmorCode’s innovation, which in turn strengthen Johnson Controls’ ability to securely accelerate software delivery.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global