- ForAllSecure recently announced it raised $21 million in Series B funding. These are the details.
ForAllSecure – the world’s most advanced application security testing technology – recently announced it has raised $21 million in a Series B funding round co-led by Koch Disruptive Technologies (KDT) and existing investor New Enterprise Associates (NEA). This funding round brings the company’s total funding to $36 million. And ForAllSecure is going to use the infusion of capital to accelerate growth, increase headcount, and fuel product innovation, including a solution to secure the thousands of open source projects widely used by businesses around the world.
According to 451 Research, about 61% of organizations say that the lack of automated, integrated security testing tools is a top challenge for DevSecOps. And ForAllSecure’s Mayhem products work autonomously to find and create exploits as well as defend vulnerable applications against hackers. Plus its patented algorithms, pioneered at Carnegie Mellon University, continuously uncover defects with unprecedented speed, scale, and accuracy. Since launching its first commercial product in 2020, ForAllSecure has amassed over 100 customers, ranging from the U.S. Department of Defense to the Roblox gaming platform.
This funding round comes at a time of tremendous growth for DevSecOps and application security tools. And in 2020, the global DevSecOps market reached $2.55 billion in 2020 and is expected to increase to more than $23 billion in 2028. And while the importance of secure software is not new, the recent headline-grabbing security breaches and increasing complexity of the software supply chain are increasing the importance of shifting security left in the development lifecycle. Plus fully automated and autonomous testing becomes a critical need when security talent is scarce.
ForAllSecure delivers an autonomous security testing solution that maximizes development productivity by integrating layers of security testing into continuous workflows. And by intelligently automating the testing and maintenance of software, Mayhem allows developers to focus on what they do best and deliver secure, reliable applications that provide a competitive advantage.
KEY QUOTES:
“We started ForAllSecure to automatically test apps the same way attackers will, before attackers can. We believe manual testing is too slow, expensive, and error-prone to scale with the modern speed of development. Other application security approaches just don’t work like attackers, and cannot be truly automated because humans need to double check the results. ForAllSecure enables security to ‘shift-left’ and find issues early, often and cost-effectively. The time to fully automate application security is now.”
— David Brumley, Chief Executive Officer and co-founder of ForAllSecure
“The DevSecOps industry is experiencing unprecedented disruption driven by the explosive growth of software development and demand for more secure applications. The company’s cutting-edge autonomous technology is defining the standard in testing and protecting the world’s software. Our investment in ForAllSecure underscores our belief that the company is at the forefront of cybersecurity to protect software and software-connected assets from the increasing threats we are seeing today.”
— Navin Maharaj, Director at Koch Disruptive Technologies
“We see ForAllSecure as the next evolution in a line of transformative cybersecurity companies focused on making software better, easier, and more secure. Software development is taking place at lightning-fast speed—as a result, protecting against vulnerabilities and development errors has become a business-critical initiative. We believe ForAllSecure is poised for explosive growth, and we’re thrilled to partner with David and the team to deliver the future of cybersecurity to companies around the world.”
— Aaron Jacobson, Partner at NEA
