Contrast Security, a provider of enterprise applications security
software that prevents hackers from stealing data via web applications, has announced the raise of $16 million in Series B funding. The capital was led by General Catalyst Partners
in participation with Acero Capital
, as well as industry veterans namely Ron Gula, former CEO of Akamai Technologies
and John W. Thompson, chairman of the board for Microsoft
The funds, said the company, will be used to expand operations across the firm, accelerating Contrast’s capacity to develop, market, sell and deploy advanced application security technology available.
In conjunction with the deal, Steve Herrod, managing Director, General Catalyst Partners, will join the board of directors at Contrast. He said:
“With Contrast, every application can be self-protecting, eliminating the need for experts to review millions of lines of code looking for flaws. This is a game-changer for the security and software industry as a whole. I see enormous value in Contrast Security’s ability to outmaneuver today’s software threats, and unlike legacy security tools, Contrast’s approach can truly scale to protect every app.”
How does it work?
Reportedly, Contrast Security uses patented software instrumentation that enables apps to self-protect by detecting vulnerabilities and blocking attacks from within the application itself. It does so by inserting an intelligent software agent directly into application code that distributes over thousands of smart sensors to detect, correct and protect the app from exposure to threats without disrupting development or operations.
Alan Naumann, CEO, Contrast Security, commented:
“Companies are simultaneously embracing new software applications, containers, pre-built libraries and new cloud technologies in order to transform into more agile, scalable and competitive businesses. With software becoming even more distributed, security must follow suit. The fact is legacy application security methods simply weren’t designed for agile software deployed quickly in the cloud, and are ill-equipped to secure applications there. This makes the application security industry ripe for disruption and reinvention.”
“We are attacking this issue head-on with a highly effective approach that has drawn the attention of organizations large and small, as well as prominent investors and industry veterans. We are doing something that no one else has been able to achieve: making applications self-protecting regardless of where they reside.”
The Palo Alto-based company had previously raised $8 million, bringing its total funding to $24 million since its founding in 2014. It also boasts of a serving a client roster of the likes of IBM
, which is now known as the Salesforce Commerce Cloud