Security Experts:

Veracode Raises $30 Million to Help Secure Applications

Veracode, a Burlington, Massachusetts-based provider of application security solutions, today announced that it has secured $30 million in funding, bringing its total funding to date to $78.5 million.

The company’s primary focus is to help customers address application security threats, and improve the security of internally developed, purchased or outsourced software applications and third-party components. Its solutions help identify and eliminate software vulnerabilities using vulnerability scanning, penetration testing and static code analysis.

Veracode LogoThe latest round of funding comes from Meritech Capital Partners and existing investors, Atlas Venture, .406 Ventures and StarVest Partners.

In November 2011 the company announced that it had hired former Iron Mountain CEO Bob Brennan to take the reigns as Chief Executive Officer. 

Demonstrating rapid growth, the company said that it brought on 47 new employees in first quarter of 2012, and plans to double its workforce by December, 2012 as it hires aggressively across engineering, operations, sales, customer service and marketing.

Veracode said its plans for 2012 include continued growth of its application security-as-a- service platform, geographic expansion and investments in security research to identify Zero Day vulnerabilities.

"Our momentum is significant—we achieved over 150% year-over-year growth, built-out the team by 30% including the addition of key executives, and now have added the backing of an iconic investor to fuel our expansion," said Bob Brennan, CEO of Veracode.

"The need to secure applications is increasingly obvious, and Veracode's approach to solving the problem allows its customers to achieve instant application security," said Rob Ward, Managing Director at Meritech Capital Partners. "Our investment demonstrates our confidence in the market and is intended to accelerate Veracode's already impressive growth."

Related: Cloud Server Security Firm CloudPassage Raises $14 Million

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For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.