Contrast safetyToday, a Los Altos, California-based company that develops application security and embedded code analysis technologies, announced that it has raised $150 million in Series E led by former Treasury Secretary Steve Mnuchin, Liberty Strategic Capital. The funding — which values the company at “more than $1 billion,” according to a spokesperson — saw participation from current Contrast investors Warburg Pincus, Battery Ventures, General Catalyst, Microsoft M12 Fund, AXA Venture Partners and Acero Capital.
According to CEO Alan Neumann, Contrast war With a capital of over $250 million that will enable it to gain a larger market share after expanding into Europe, the Middle East, Africa and the Asia Pacific region. Naumann also did not rule out future strategic opportunities and mergers and acquisitions, such as competition in Over $179 billion cybersecurity industry becomes more ferocious.
“The global economy is running on software applications. People trust this software with everything that matters from finances, elections, wire transfers, online shopping and healthcare.” “Unfortunately, it is very difficult to program quickly, use open source, take advantage of external APIs, publish in the cloud, and do it all securely. The applications you use every day have dozens of vulnerabilities and we see some of the applications being attacked over 13,000 Once a month… Platform Variation is a revolutionary approach to address this challenge. We are stopping cyber attacks at the software layer.”
During the pandemic, many companies have turned to digital transformation and developing new applications to keep the business growing. With production efforts ramping up, 84% of developers said they were pressured to release code faster than before, according to to GitLab. As a result, the code has been – and continues to be – shipped with a growing number of vulnerabilities, leading to high-profile security breaches. Security WhiteHat have found That between 2018 and 2019 alone, there was a 50% increase in unpatched library vulnerabilities, most of which are caused by open source packages.
Naumann founded Contrast in 2014 along with Arshan Dabirsiaghi, former Director of Research at Aspect Security, with the goal of creating a platform that can detect potentially problematic code in applications. Using a technology called binary hardware—factors built into application servers, runtime, user libraries, controllers, and data layers—asymmetry can detect vulnerabilities across web browsers, mobile clients, containers, frameworks, and more.
Naumann claims that binary hardware eliminates the need for regular scanning, network configuration changes, and auditing while enabling protection in cloud environments such as Azure, Amazon Web Services, and applications programmed in Java, .NET, Node.js, Ruby, and Python. Contrast integrates with a suite of ticketing systems and CI/CD tools for monitoring code and reporting from within applications and third-party libraries. It also detects the attack and responds with a seven-step approach that includes default patch and “how to fix” instructions.
“Our vision is that every app can be secure and the key is to provide developers with powerful tools as they develop apps, and teams with visibility once apps are running,” Naumann said. “[With Contrast,] Security tools are included in the software under development from startup and extend through production runtime. Development, security, and operations teams no longer need to acquire and manage numerous application security toolkits that consume valuable time and cost.”
Over the past two years, Variation has introduced features that include support for files Servant Applications and Path Intelligence, which shows how much of an application’s attack surface has been evaluated for vulnerabilities. In May, the company added apps programmed in Go to its list of inspectable assets and joined the Cloud Native Computing Foundation and Linux Foundation. Recently, Contrast launched its Security Monitoring offering that combines all of its technologies into one enterprise-oriented product.
“Companies are increasingly relying on applications to support their critical operations, creating strong demand for solutions like Contrast’s that help developers ensure, in real time, that the code behind these applications is safe from evolving threats from hackers and other malicious actors,” Mnuchin, who intends to join the Contrast board of directors, he said in a press release. “We believe the team at Contrast has developed a market-leading solution, and we are excited to partner with them as they continue to innovate in application security.”
Variation is among the growing crop of startups in the DevSecOps space, which aims to automate security integration at every stage of the software development lifecycle, from inception to deployment. While 2020 Gartner Report DevSecOps described as being in the early stages of adoption, companies are investing eagerly in the broader cybersecurity market. PricewaterhouseCoopers recently mentioned A third of US CEOs plan to double-digit investments in cybersecurity within the next few months.
Largely driven by challenges arising from remote and co-working, investments from startups such as new context (acquired by Cubado in March), spectralAnd bluebracketAnd oxy, And Rezillion. Contrast – which has 350 employees – claims to have a larger customer and user base than most, with tens of thousands of paying developers on the platform from BMW, DocuSign, AXA, Zurich, SOMPO Japan and American Red Cross, as well as other Fortune 500 companies in Healthcare, financial services, government, and technology sectors.
“The variance is between $50 million and $100 million in annual recurring revenue. Customers are increasingly choosing our platform, and as a result, we have seen a 100% increase in customers with annual recurring revenue in excess of $1 million,” Naumann said.
As the volume of cyberattacks continues to rise – ransomware attacks alone more 148% YoY as of 2020 – Investments in cyber security are likely to grow correspondingly. In the first half of 2021, the cybersecurity market saw $39.5 billion in M&A volume along with $11.5 billion in total venture capital investments. According to Momentum Cyber A new record.
VentureBeat’s mission is to be the digital city arena for technical decision makers to gain knowledge about transformative technology and transactions. Our site provides essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- Updated information on topics that interest you
- Our newsletters
- Classified content for a thought leader and discounted access to our prized events, such as Convert 2021: learn more
- Networking features and more