Application Security Firm Contrast Security Raises $65 Million
California-based application security company Contrast Security on Thursday announced that it raised $65 million in a Series D funding round, which brings the total raised by the firm to $122 million.
The round was led by Warburg Pincus, with participation from existing investors Battery Ventures, General Catalyst, Microsoft’s M12 venture fund, AXA Venture Partners and Acero Capital.
Contrast says there has been an increasing demand for its solutions, and it plans on using the newly obtained funds to accelerate technology innovation, field operations and international expansion.
The company’s solutions are designed to protect applications throughout their lifecycle, regardless of the development techniques (DevOps, Waterfall, Agile) and technologies they use (cloud, open source, containers), by embedding vulnerability analysis and exploit prevention mechanisms directly into the software.
Contrast says 520 new companies started using its solutions last year, and claims to have had a 500 percent year-over-year growth in the number of transactions of at least $1 million. The firm says its products helped identify over 1.9 million vulnerabilities and protected customers against 52 million application attacks.
“Everything about software today is different, from the increased dependence on third-party and open source components, to microservices and API-centric architectures, and complex cloud deployments,” said Alan Naumann, CEO of Contrast Security. “However, many companies are still trying to rely on 15-year-old legacy security tools for their modern software stacks. This approach leaves them with restricted software development capabilities or living with substantial enterprise risk of a data breach.”
Contrast Security recently launched Community Edition, a free DevSecOps solution that helps small development, security and operations teams that create Java apps and APIs identify common vulnerabilities in their products.