Veracode, a company that secures enterprises from today’s pervasive web and mobile application threats, has closed a late-stage $40 million funding round led by Wellington Management Company, LLP with participation from existing investors. Veracode will use the new funding to accelerate its global expansion by boosting investments in sales, marketing and R&D.
Veracode’s cloud hosting based service currently secures hundreds of the world’s largest global enterprises, including 3 of the top 4 banks in the Fortune 100 and more than 25 of the world’s top 100 brands, by identifying critical application-layer threats before cyber-attackers can find and exploit them.
The late-stage funding would also provide Veracode significant flexibility to consider other strategic opportunities and financing options, including exploring the acquisition of complementary technologies and a potential IPO.
Centralized policies and KPIs
“This investment accelerates our ability to help the world’s leading organizations systematically reduce cyber risk enterprise-wide,” said Bob Brennan, CEO, Veracode. “Our goal is to speed the pace of business innovation with a more scalable, next-generation approach that industrializes application security controls across our customers’ web, mobile and third-party applications. This latest round of funding enables us to maintain our growth trajectory as we both gain new customers and expand our scope across our existing customers’ global application infrastructures.”
Veracode’s cloud hosting based service would be easy to implement and more scalable than legacy approaches. It offers centralized policies and KPIs to systematically reduce risk and measure progress in a consistent manner across disparate business units and development teams, including third-party suppliers, outsourcers and open source developers. In addition, Veracode‘s cloud hosting based platform is continuously learning and evolving to address constantly evolving threats, based on accumulated learning from hundreds of billions of equivalent lines of code scanned.
