Strong demand for application security that supports DevSecOps initiatives drives investment from Koch Disruptive Technologies and New Enterprise Associates
ForAllSecure, the world’s most advanced application security testing technology, today announced it has raised $21 million in a series B funding round co-led by Koch Disruptive Technologies (KDT) and existing investor New Enterprise Associates (NEA). This financing brings the company’s total funding to $36 million. ForAllSecure will use the infusion of capital to accelerate growth, increase headcount, and fuel product innovation, including a solution to secure the thousands of open source projects widely used by businesses around the world.
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“We started ForAllSecure to automatically test apps the same way attackers will, before attackers can,” said David Brumley, Chief Executive Officer and co-founder of ForAllSecure. “We believe manual testing is too slow, expensive, and error-prone to scale with the modern speed of development. Other application security approaches just don’t work like attackers, and cannot be truly automated because humans need to double check the results. ForAllSecure enables security to ‘shift-left’ and find issues early, often and cost-effectively. The time to fully automate application security is now.”
According to 451 Research, 61% of organizations say that lack of automated, integrated security testing tools is a top challenge for DevSecOps. ForAllSecure’s Mayhem products work autonomously to find and create exploits, as well as defend vulnerable applications against hackers. Its patented algorithms, pioneered at Carnegie Mellon University, continuously uncover defects with unprecedented speed, scale and accuracy. Since launching its first commercial product in 2020, ForAllSecure has amassed more than 100 customers, ranging from the U.S. Department of Defense to the Roblox gaming platform.
“The DevSecOps industry is experiencing unprecedented disruption driven by the explosive growth of software development and demand for more secure applications,” said Navin Maharaj, Director at Koch Disruptive Technologies. “The company’s cutting-edge autonomous technology is defining the standard in testing and protecting the world’s software. Our investment in ForAllSecure underscores our belief that the company is at the forefront of cybersecurity to protect software and software-connected assets from the increasing threats we are seeing today.”
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The funding comes at a time of tremendous growth for DevSecOps and application security tools. In 2020, the global DevSecOps market reached $2.55 billion in 2020 and is expected to increase more than $23 billion in 2028. While the importance of secure software isn’t new, the recent headline-grabbing security breaches and increasing complexity of the software supply chain is increasing the importance of shifting security left in the development lifecycle. Furthermore, fully automated and autonomous testing become a critical need when security talent is scarce.
“We see ForAllSecure as the next evolution in a line of transformative cybersecurity companies focused on making software better, easier, and more secure,” said Aaron Jacobson, Partner at NEA. “Software development is taking place at lightning-fast speed—as a result, protecting against vulnerabilities and development errors has become a business-critical initiative. We believe ForAllSecure is poised for explosive growth, and we’re thrilled to partner with David and the team to deliver the future of cybersecurity to companies around the world.”
