Dec 5, 2023

PALO ALTO — ArmorCode, a specialist in Application Security Posture Management (ASPM) and Risk-Based Vulnerability Management (RBVM), has closed a $40 million Series B round to advance its mission of helping companies ship secure software fast and at scale. 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. The company has raised $65 million to date. ArmorCode reports more than 400% year-over-year revenue growth with Fortune 500 companies making up 25% of its customer base. Customers include 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 plans to use the funding to invest 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 the management of 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. 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.”