The U.S.-based security software developer, Contrast Security Inc., has made it to the headlines for closing a $65 million Series D investment round, contributing to a total funding of $122 million. Reportedly, the funding round was led by the new investor Warburg Pincus, along with other existing investors including General Catalyst, Battery Ventures, M12 (Microsoft’s Venture Fund), Acero Capital and AXA Venture Partners.
Sources with the knowledge of the matter stated that the company is looking to utilize the funds for speeding up technology innovation, international expansion, filed operations and a growing customer-success team.
For the record, Los Altos-based Contrast Security provides technology that embeds exploit prevention and vulnerability analysis directly into the modern software. Its unified platform, constituting Contrast Protect and Contrast Assess, its flagship products, that work consistently across well-known development approaches such as Agile, Waterfall, DevOps and more, and simultaneously work across technologies like Containers, Cloud, Open Source Software, etc. for enabling safety all through the software lifecycle.
As per a report, Alan Naumann, Chief Executive Officer, Contrast Securities, said that every aspect of software is different in the present scenario, starting from the increased reliance on open-source and third-party components to API-centric architectures, microservices and complex cloud deployments. Despite this scenario, many companies have been trying hard to depend on the 15-year-old, legacy security tools for their collection of modern software. Alan added that this approach provides them with limited potential of software development.
It has also been reported that last year, Contrast had claimed its annual recurring revenue to have depicted a Y-O-Y growth of 120 percent, and a six-fold growth in the number of transactions over $1 million. The company further claimed to have gained about 520 new customers the previous year.
Reportedly, Contrast, in 2018, had identified more than 1,900,000 vulnerabilities and found itself to be protected against around 52,000,000 fixed application attacks throughout countless transactions.