- Enterprise security startup company Cycode announced it raised $4.6 million in seed funding
Cycode — an enterprise security startup company that is pioneering the first-ever solution for source code control, detection, and response — announced it raised $4.6 million in seed funding. This round of funding was led by YL Ventures with participation from Mike Fey (CEO of D2iQ and former president and COO of Symantec), Andy Grolnick (former president and CEO of LogRhythm), Justin Somaini (former CSO at SAP) and Eyal Gruner (founder and CEO of Cynet).
Founded and headed by former Symantec security architect Lior Levy (CEO) and security researcher and serial entrepreneur Ronen Slavin (CTO), Cycode is on a mission to protect source code — which are the building blocks of an organization’s software and the highly valuable IP contained in it.
Since organizations depend increasingly on software for their competitive advantages, the IP contained in source code has become an attractive target for cybercriminals. Source code can often expose trade secrets and closely-held IP like business logic, proprietary algorithms, and machine learning models. And it also comprises information that can be used to discover, locate, and attack an organization’s systems and data. But source code protection often gets overlooked by cybersecurity companies.
“Organizations today depend on development teams composed of local and remote employees, contract developers and other third parties working across on-premise and cloud source control management systems. Easy access across these many fragmented repositories is crucial to keep developers productive and delivering,” said Levy in a statement. “Unfortunately, security teams lack the visibility and control they need to protect these processes. Today, it’s impossible for security teams to answer the most basic questions about their organization’s source code – Where are all of the copies of my source code stored? Which pieces of it are stored where? Who has access to it?”
Cycode offers one of the first solutions to address this security gap and it intends to set the industry standard in source code protection. Cycode’s source code control, detection, and response solution utilizes the startup’s patent-pending Source Path Intelligence Engine for delivering rapid, comprehensive, and seamless visibility into an organization’s source code inventory.
Plus it quickly connects all of the organization’s source code management systems (SCM) and code repositories. And it catalogs source code inventory and the path source code takes between users, devices, and repositories during development and distribution across the extended enterprise.
“Gaining visibility and control of your source code is a huge challenge. Being able to secure this important asset is critical, yet it can’t come at the cost of developers being able to do their jobs. The tools we use to manage source code today were built to help developers manage code, not secure it. Cycode gives IT Security teams comprehensive visibility into the inventory and movement of source code without integration headaches and without impacting developer productivity,” added Somaini.
With Cycode, customers can automatically detect and alerts organizations to anomalous access, movement, and usage and allows responses through the execution of new security controls or by adjusting existing ones.
Using Cycode, users can connect in minutes to all deployed on premise and cloud SCMs and repositories, control and manage source code across all SCMs, automatically monitor the movement of source code for anomalous access, receive automated alerts and notifications, rapidly respond to risk by adjusting SCM configurations and security controls, and detect and issue alerts for leaked source code found on the public and dark web.
“When Lior and Ronen approached us about this significant security gap and outlined the way many security teams were running blind to this risk, we were immediately compelled to invest in their pioneering solution to resolve it,” explained Yoav Leitersdorf, a managing partner at YL Ventures — who led the Cycode funding round. “Cycode’s platform is the exact type of product needed to solve this unaddressed and growing problem.”
