Geneva-based code quality company is cashing in on heightened investor interest in the software supply chain security space
Swiss code quality software firm SonarSource on Tuesday announced a $412 million funding round at a heady valuation of $4.7 billion as investors continue to pour money into startups tackling software supply chain security.
SonarSource said the financing was led by new investors Advent International and General Catalyst. Insight Venture Partners, which invested $45 million back in 2016, also participated in the latest round.
Founded in Switzerland in 2008 by Olivier Gaudin, Freddy Mallet and Simon Brandhof, SonarSource provides products for continuous code quality of applications. The company competes with the likes of Veracode and Checkmarx in a fast growing market for tools to secure code in the software supply chain.
SonarSource, which maintains dual headquarters in Geneva and Texas, provides an IDE extension for on-the-fly analysis and coding guidance and products to handle static analysis for continuous codebase inspection and CI/CD workflows.
The company claims its products help more than 5 million developers write high-standard code that is free of bugs and security vulnerabilities.
As software gets updated continuously, SonarSource tools can be used to embed clean code directly into the development process, improving the overall health of the code base and reducing tech debt, the company said.
SonarSource said it will use the new investment to grow its go-to-market team globally as the company drives toward an ambitious $1 billion revenue target.
The company plans to open new regional headquarters in Singapore to drive a push into the APAC market.