Insignary, a provider of open source software security and compliance, has closed a $2m Series A funding round.
The round, which featured participation from Mega Investment, Samho Green Investment and Innopolis Partners, brings Insignary’s total funding to $4m. It will use the new funds to scale and meet the demand in the E.U, U.S. and Asia for businesses, managed service providers (MSP), resellers and auditors looking to capitalize on the growing security vulnerability detection market.
Founded in 2016, Insignary is aiming to make the world a safer place by providing insight into identifying security and compliance issues in Open Source code. Its software-as-a-service (SaaS) and server-based security tool, Insignary Clarity, enables proactive scanning of software binaries for known, preventable security vulnerabilities, while also identifying potential license compliance issues. To do this the company uses fingerprint-based technology, which works on the binary-level without the need for source code or reverse engineering.
“The rapid adoption of open source in critical IoT, Web and Mobile Apps, Blockchain, Cloud and other fast-growth technologies makes it increasingly important to be able to identify and address known security vulnerabilities,” said Dong-Hoon Kim, executive director at Mega Investment. “We look to invest in companies that have a unique capability to address a fast-growing market. As the only fingerprint-based, binary code scanner, Insignary fits perfectly with our investment strategy.
Insignary’s Clarity is scans for “fingerprints” from a binary to examine and then compare against the fingerprints collected from open source components hosted in numerous open source repositories. It claims to not need to keep separate databases of checksum or hash values for different CPU architectures, which increases its flexibility and accuracy in comparison to legacy binary code scanners.
Earlier this year, Arctic Wolf Networks, a provider of security operations centre (SOC)-as-a-service company, raised $16m in fresh funding. The round was led by Sonae Investment Management with participation from Lightspeed Venture Partners, Redpoint Ventures and Knollwood Investment Advisory. Global consultancy business KPMG also recently bolstered its cybersecurity capabilities by buying the identity and access management business of Cyberinc for $32.71m.
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