Global cybersecurity firm Contrast Security, a company embedding code analysis and attack prevention directly into software with instrumentation, has raised $150 million in a Series E round of fundraising. The cybersecurity company is now valued at more than a billion dollars.
Contrast Security would be able to address the rising demand for their code security platform thanks to this financing. It would also allow the firm to acquire market share faster through expedited worldwide expansion plans, following EMEA’s growth and APAC’s rapid client uptake. At the same time, it will provide the company with more freedom to pursue strategic opportunities and acquisitions.
The oversubscribed funding round for the unicorn was led by Liberty Strategic Capital, founded by former Secretary of the Treasury Steven Mnuchin. Existing Contrast Security investors Warburg Pincus, Battery Ventures, General Catalyst, Microsoft’s M-12 Fund, AXA Venture Partners, and Acero Capital all contributed 100 percent.
“Businesses are increasingly dependent 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 underlying these applications is secure from evolving threats from hackers and other malign actors,” said Steven Mnuchin, Founder and Managing Partner of Liberty Strategic Capital, an American investment banker and film producer who served as the 77th US Secretary of the Treasury from 2017 to 2021 in Donald Trump’s Cabinet. “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 the application security space.”
Healthcare, Financial Services, Government, Technology
To safeguard their code, most firms nowadays rely on first-generation technologies and manual checks. As a result, serious vulnerabilities are being deployed with software, and it’s time to put an end to it, according to Contrast Security. The executive order has raised demand for Contrast’s approach to code security across the healthcare, financial services, government, and technology industries, as well as the rapid acceptance of DevSecOps transformation.
“The global economy is running on software applications. We are now seeing business leaders, including Microsoft and Google, commit publicly to spend billions of dollars in order to decrease cybersecurity risks in today’s fast paced application economy,” said Alan Naumann, CEO at Contrast Security. “Supported by President Biden’s recent executive order, our customers, governments, and many of the world’s largest companies are investing in prevention and resilience against software cyberattacks.”
Reduced time to market, reduced cyber risk, and enhanced development productivity are just a few of the benefits given by the Contrast platform, stated Contrast Security, all of which may provide companies a clear competitive edge.
“Contrast not only enables development teams to keep pace but provides a platform solution for security and operations teams alike,” added Mr. Naumann. “The new investment from Liberty Strategic Capital and all of our existing investors further validates the universal need for improved code security. It is an honor to have them support Contrast, especially given Secretary Mnuchin’s experience with a global approach to reduce cyber threats. I also am pleased to welcome Secretary Mnuchin to the Contrast Board of Directors.”
Today, Contrast Security secures code for tens of thousands of developers at some of the world’s most well-known brands, including BMW, DocuSign, AXA, Zurich, SOMPO Japan, and the American Red Cross, as well as a slew of other Fortune 500 firms. AWS, IBM, Google, Microsoft, and VMware are among Contrast Security’s technology partners in bringing security to cloud applications.