ArmorCode Raises $40 Million in Series B Round Led by HighlandX for Centralized Security Data

Cybersecurity platform ArmorCode raises $40 million in a Series B round led by HighlandX. The platform centralizes vulnerability data from software infrastructure, standardizes it for analysis, and offers role-specific dashboards. The funding, totaling $65 million, will support go-to-market initiatives, team expansion, and product development. Founded by Nikhil Gupta, ArmorCode aims to address the increasing challenges of software security vulnerabilities, providing enterprise-scale solutions for large businesses across various sectors.

According to Gupta, the funding will facilitate ArmorCode's expansion into new regions, particularly Europe, and enable the development of additional AI and software supply chain capabilities. The platform, with role-specific dashboards, exposes vulnerabilities in organizations' infrastructure and software, providing threat intelligence tools and recommendations for thwarting attacks. ArmorCode has seen a 400% increase in yearly recurring revenue over the past year, serving numerous sizable businesses in sectors such as media, hospitality, healthcare, consulting, and finance.

By centralizing security data, ArmorCode addresses the challenge of managing findings from various scanning tools across applications, infrastructure, and cloud environments. Gupta emphasizes that ArmorCode is the only company offering an enterprise-scale, vendor-neutral, platform-based solution. The funding round, led by HighlandX, also includes participation from NGP Capital, Ballistic Ventures, Sierra Ventures, and Cervin.

ArmorCode plans to utilize the funds to accelerate its growth, expand into Europe, and enhance its product and technical teams. The company, with a current headcount of about 110, aims to add 20% more staff members by the end of 2023.