Legit Security – a cyber security company with an enterprise Application Security Posture Management (ASPM) platform that enables secure application delivery from code to cloud and protects an organization’s software supply chain from attack – recently announced that it has successfully closed a $40 million venture capital round investment led by CRV with participation from existing investors Cyberstarts, Bessemer Venture Partners, and TCV.
The company’s ASPM platform continuously reduces application risk by discovering, analyzing, correlating, and remediation of application vulnerabilities from code development to cloud deployment. And the platform provides real-time visibility and security control across changing development environments. It provides a unified application security control plane that consolidates vulnerabilities from different sources, enforces security policies, and prioritizes risk to help focus on what’s most important. Plus, the security teams utilize the platform to identify security gaps in real-time and leverage context to streamline developer collaboration and remediation, enabling application security to be more efficient, effective, and productive.
Legit Security’s solid customer growth includes prominent enterprise brands such as Google, NYSE, Kraft Heinz, and Takeda Pharmaceuticals. And additional Fortune 500 customers have some of the largest enterprises in the world that are Top 5 global leaders in their respective industries, including insurance, banking, consumer products, and cybersecurity. Contributing more to this growth, Legit’s platform deployments across all customers have nearly doubled in size within the first year of implementation.
The Series B funding round will be used to expand Sales, Marketing, and R&D, and address the emerging threat of Artificial Intelligence and Large Language Models (LLMs) in developing new applications. And software development teams are increasingly utilizing AI-generated code and embedding LLMs in their applications to accelerate innovation. Still, these AI technologies are also introducing a rapidly expanding class of new security threats that the company will address with additional resources.
KEY QUOTES:
“We were highly impressed with the Legit Security team and amazed by the breadth and depth of their Fortune 500 customers in such a short time. We fully expect the Application Security Posture Management (ASPM) category to forever change the established Application Security market. What Wiz did for Cloud Security Posture Management, we think Legit can do for ASPM. We couldn’t be happier to invest in the best company in the space to disrupt that market.”
— James Green, General Partner, CRV
“Cyberstarts is excited to continue backing the talented, hard-working team at Legit Security as they continue to lead a significant and rapidly growing category called Application Security Posture Management. Since the beginning, Legit has listened closely to their enterprise customers and developed an easy-to-operate, market leading platform that has demonstrated strong product-market fit. Legit has the team, product and market opportunity aligned, and it’s time to further accelerate growth with additional resources.”
— Gili Raanan, Founder, Cyberstarts
“We founded Legit Security with the mission to secure the world’s software with a platform that continuously manages application security from code to cloud. We are honored to work closely with our customers to solve these challenges, and their insights have pushed us to develop a holistic approach to modern application security that brings security and development closer together for greater speed, efficiency and collaboration. With this investment our mission gains additional traction and speed, including new capabilities to extend visibility, security and governance to AI-generated code and embedded Large Language Models (LLMs) in applications.”
— Roni Fuchs, co-founder and CEO of Legit Security
