Cycode, a startup that specializes in source code security, on Tuesday announced raising $56 million in a Series B funding round.
The investment, which brings the total raised by Cycode to $81 million, was led by private equity and venture capital firm Insight Partners, with participation from YL Ventures. The money will be used to fuel sales growth and accelerate product development.
Cycode offers a platform designed to address software supply chain security by providing visibility, security and integrity capabilities across all phases of the software development lifecycle.
The platform can be integrated with DevOps tools and infrastructure, and it uses scanning engines to identify hardcoded secrets, infrastructure as code misconfigurations, code leaks, and other source code-related problems.
It also includes a knowledge graph that tracks code integrity, user activity, and events to help companies prioritize risk, find anomalies, and prevent code tampering.
“The key to modern AppSec is centralizing and mapping events and metadata across the SDLC such that it becomes easy to determine when disparate activities add meaningful context to each other,” said Lior Levy, co-founder and CEO of Cycode. “With each new integration, our knowledge graph becomes smarter. Hence, one of our goals is to integrate with every software delivery and AppSec tool to determine how each dot is connected and when it’s relevant.”
Cycode emerged from stealth mode in 2019 with $4.6 million in funding. It announced raising an additional $20 million in May 2021. The company claims that its annual recurring revenue increased seven times in the first three quarters of 2021.
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