ArmorCode raises $40 million in series B funding to help companies ship secure software and ship It fast

Following more than 400%year-over-year growth in annual recurring revenue, ArmorCode continues to expand on its goal to unify Application Security and Infrastructure Vulnerability Management for security and developer teams

PALO ALTO, Calif., Dec. 4, 2023 — ArmorCode, the leader in Application Security Posture Management (ASPM) and Risk-Based Vulnerability Management (RBVM), today announced it closed a pre-emptive $40million Series B round to advance its mission of helping companies ship secure software fast and at scale. Premier venture firm HighlandX led the round, joined by NGP Capital, along with participation from existing investors Ballistic Ventures, Sierra Ventures and Cervin Ventures. As part of HighlandX’s investment, Managing Partner Corey Mulloy will join ArmorCode’s board. This marks a total of $65 million raised to propel organizations toward fully understanding and improving the state of their software risk.

The funding follows a year of significant growth for ArmorCode, including more than 400% year-over-year revenue growth with Fortune 500 companies making up 25% of its customer base. Marquee customers include the leading brands across eight different categories like Media and Entertainment, Hotels, Industrial Controls, Healthcare, Consulting, Semiconductors, Financials, and Fixed Asset Management, with trillions of dollars in assets. ArmorCode will use the new funding to supercharge its growth by investing in go-to-market, product, and engineering teams to grow the team by more than 20%, and to expand its revenues with new partnerships and growth in Europe and new product areas. ArmorCode will also introduce several new AI and software supply chain capabilities to further leverage the platform’s 4 billion processed findings and counting, so organizations can prioritize risks and automate triaging and remediation workflows at scale.

Corey Mulloy, Managing Partner at HighlandX, said, “ArmorCode is helping enterprises navigate the complexities of posture management that arise from engaging multiple security tools. Their approach is resonating with application, infrastructure, and product security teams alike in one of the fastest growing areas of security spend. Application security leaders are steadfast in their reliance on and trust in ArmorCode to identify and mitigate risk for their organizations. We believe the more than 400% year-over-year growth at ArmorCode is evidence security teams are hungry for a single pane of glass to improve collaboration, prioritize threats, and consolidate the number of vendors they require. We are thrilled to back Nikhil and the ArmorCode team, as well as existing and new investors in this next chapter of growth.”

"ArmorCode offers us a single view on all our application and infrastructure vulnerabilities, with the capability to efficiently prioritize them for swifter remediation. The true essence of our partnership with ArmorCode lies in their dedicated customer attention and clear understanding of our deliverables." said Elena Teverovskaia, Engineering Director, InfoSec at athenahealth, an ArmorCode customer.

ArmorCode uniquely delivers a platform that unifies managing vulnerabilities and weaknesses across applications, infrastructure and the software supply chain so teams can get a comprehensive view of their risk, move faster and spend time fixing issues that matter most. By focusing on aggregation and governance, ArmorCode differentiates itself from siloed scanning tools and enables security teams to improve their security posture by providing full visibility across their environments.

Nikhil Gupta, CEO and Co-founder of ArmorCode, said, “Today every company is a software company, and the imperative for faster software delivery has unfortunately come at the expense of security. We are fixing that problem. Today, siloed tooling generates a massive number of security alerts across applications, infrastructure, cloud, and the supply chain, and security teams need a single platform to view and triage these vulnerabilities so they can keep pace with the speed of software delivery. At ArmorCode, our fundamental belief is that organizations should not have to sacrifice security for speed, which is why we break down security silos and automate security workflows. We do this with an AI-powered platform that can integrate vulnerability findings from 200+ security tools to provide unparalleled visibility, prioritization, and orchestration capabilities.”

Chris Peltz, Practice Lead, VM and AppSec, Northeast at GuidePoint Security, said "ArmorCode's combined focus on unifying Application Security Posture Management (ASPM) and Vulnerability Management show that ArmorCode understands the needs of modern customers to have a comprehensive view of all vulnerabilities in one platform, gain insights into the most critical vulnerabilities, and orchestrate work flows between developers and security teams to rapidly fix those vulnerabilities. As an organization, ArmorCode is very responsive to feedback from customers as well as partners, and have made a habit of quickly incorporating that feedback into product improvements and delivering ever increasing value."

“As an early investor in ArmorCode, we’ve witnessed their remarkable journey towards becoming a sought-out leader in the application security space,” said Barmak Meftah, Co-Founder and General Partner at Ballistic Ventures. “We’re thrilled to welcome HighlandX to our investor syndicate, as they join us in supporting ArmorCode’s path to even greater success.”

ArmorCode was recently recognized as a "Hot Application Security Company" of 2023 by The Cyber Defense Magazine Global Infosec Awards, and was a 2022 SINET 16 Award winner.

To learn more about the ArmorCode platform please visit: www.armorcode.com.

About ArmorCode

ArmorCode is on a mission to supercharge security teams so their organizations can ship secure software and ship it fast. The AI-powered ArmorCode Platform unifies application security, infrastructure vulnerability management, and supply chain security, integrating with security scanners across applications, infrastructure, containers, and cloud to normalize and correlate findings and orchestrate security workflows in a single platform so security teams can realize holistic visibility, flexible agility, and cross-team collaboration. To learn more, please visit www.ArmorCode.com and follow us on LinkedIn.