Threat modelling platform IriusRisk has closed its Series A round on $6.7m as it looks to bolster its marketing in the US, UK and Europe.
Paladin Capital Group, a global cybersecurity-focused investor, led the round. Additional support coming from 360 Capital Partners and previous IriusRisk backers Swanlaab, JME Ventures and Sonae Investment Management.
Capital from the round will support the company’s product roadmap and nurture the RegTech’s global growth by deepening its sales and marketing teams.
IriusRisk empowers developers, software architects and security engineers to design secure software from the start of the development process, as well as manage security throughout the testing phase.
The RegTech claims that around 50% of software security vulnerabilities are caused by flaws in the design, which means fixing this is the most cost-effective way of building security. Its technology is used by banks and credit card and payments companies.
IriusRisk ensures applications have security built-in from the start and has automated threat models that provides a list of potential security risks and weaknesses that need to be addressed.
In tandem with the deal, Paladin vice president Conor O’Sullivan will join the IriusRisk board of directors.
O’Sullivan said, “Secure design in Application Security has been a manual, time consuming, inefficient and specialised process for many years. We’re pleased to partner with IriusRisk in its mission to provide automated solutions to the increasing vulnerabilities and threats at the design stage of applications.
“The IriusRisk team has the domain expertise and product vision that will enable the practice of threat modelling to scale to the thousands of applications that an enterprise maintains every year.”