Supply Chain Security Company Codenotary Raises Additional Capital to Scale Business Operations
Extension to the Series B round comes amid significant customer growth
Codenotary, leaders in tamper-proof, immutable data protection, announced that it has secured $6 million in additional funds from new and existing investors bringing the company’s total funding to $24 million.
The additional capital, which will go towards scaling up sales in the U.S. and Europe as well as entering the Asian market, was raised as an extension of the series B round in January of $12.5 million and comes amid significant growth, especially with banks and government customers in the U.S. and Europe
“The founders are successful and experienced, serial entrepreneurs. The business has reached an inflection point in growth, and this is where we like to become involved as shareholders.”
Codenotary was started in late 2018 by co-founders Moshe Bar, CEO, and Dennis Zimmer, CTO. Bar was previously a co-founder of Qumranet, the company that developed the now ubiquitous Linux KVM hypervisor, which was acquired by Red Hat in 2008. Prior to that, he founded the cloud hypervisor company XenSource which was acquired by Citrix.
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“Codenotary is at the forefront of software supply chain security which is crucial to the future of software-defined-everything,” said David Chen of Arrize xTec, the new lead investor based in the United Kingdom. “The founders are successful and experienced, serial entrepreneurs. The business has reached an inflection point in growth, and this is where we like to become involved as shareholders.”
Codenotary provides tools for notarization and verification of the software development lifecycle attesting to the provenance and safety of the code. The company provides an indelible solution for processing millions of transactions per second, on-premise or in the cloud, and with cryptographic verification. It gives developers a way to generate and attach a Software Bill of Materials (SBOM) for development artifacts that include source code, builds, repositories, and more, plus Docker container images for their software.
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“Software supply chains are under constant attack and so every enterprise is looking for effective ways to protect their valuable software assets,” said Bar. “The additional capital will help us expand faster – increasing our ability to roll out additional features and build out our worldwide sales efforts that includes our partner network. Not every startup company is able to do that right now but we’re fortunate to have good growth and the right investors behind us.”
Codenotary is also the primary maintainer of immudb, the first and only open source enterprise-class immutable database with data permanence at scale for demanding applications — up to billions of transactions per day. There have been more than 15 million downloads of immudb to date, which serves as the foundation for its supply chain security products.
