Series B funding round brings total amount raised to more than $37 million
Threat modeling firm IriusRisk has raised $29 million in a Series B funding round led by Paladin Capital Group.
Through its Open Threat Modeling platform, IriusRisk helps developers, architects and security engineers to design secure software throughout the Software Development Lifecycle (SDLC).
“Industries such as financial services, healthcare, the public sector and many more are already performing threat modeling and now need to do it at scale,” said IriusRisk Co-founder and CEO Stephen De Vries. “Increasing awareness and standards such as those from the NIST, OWASP Top Ten and IEC/ANSI require threat modeling as a fundamental step in building secure code. This helps to raise the profile of threat modeling overall in the industry.”
The company said it more than quadrupled its partner base through 2021 and grew users of its free Community Edition of the platform by 120%, with over 4,000 projects running through the platform over the last year.
The Series B funding had participation from existing investors SwanLaab Venture Factory, BrightPixel Capital, 360 Capital and Inveready.
The company said the additional capital would be used to support R&D, grow its community platform, and support continued hiring.