Contrast Security, a market leader in new-generation code security applications and tools, has confirmed its latest Series E funding round of $150 million which values it at more than a billion dollars. The round was oversubscribed and was spearheaded by Liberty Strategic Capital which was established by Steven Mnuchin, the previous Secretary of the Treasury along with participation levels of 100% from current investors like Battery Ventures, Warburg Pincus, General Catalyst, AXA Venture Partners, the M-12 Fund of Microsoft, and the Acero Capital.
The funding round and unicorn status create a foundation for expansion worldwide, especially while enabling teams in software development and enterprise security to safeguard themselves from risks related to software, more advanced risks/threats, and vulnerabilities linked to cloud-based software. The funds will help Contrast to cater to higher demand for the sole platform dealing with code security globally. It will help the company scale up its market share with faster expansion globally, after posting solid EMEA growth. It will also look to scale up its customer base in the APAC while enjoying higher flexibility for implementing more strategic acquisitions and new opportunities.
Several entities ventured into a digital overhaul while looking at creating applications for ensuring the sustenance and acceleration of efficiency and growth in business. With more companies scaling up development initiatives, a majority of developers have confirmed how they have been swiftly releasing code, even quicker than in the earlier stages. Studies also indicate how code shipping carries its own share of risks of a serious nature. This has led to big breaches of security including SolarWinds and others. There were many other attacks that led to The White House to release its order of execution, putting stringent standards in place for enhancing software security.
According to Contrast Security CEO, Alan Naumann, the economy is being driven by software-based applications globally and leading companies like Google and Microsoft are publicly dedicating resources and billions of fresh dollars towards lowering risks related to Cybersecurity. He also added that the executive order of President Biden helps entities and governments invest better in ensuring faster prevention and more security against Cybersecurity attacks.
He added that Contrast will be helping its development-based teams to stay on track while ensuring a platform-based solution for operations and security teams. He feels that the new investment is a testament towards the growing demand for enhanced code security. He stated that it will be a matter of honor to get their support, particularly with the rich experience of Secretary Mnuchin with regard to adopting global perspectives towards lowering cyber-attacks and threats. He also stated his pleasure to welcome Secretary Mnuchin to the company’s board of directors.
Mnuchin, Founder and Managing Partner, Liberty Strategic Capital, stated that companies are growing more dependent upon select applications for backing their vital operations and this ensures higher demand for Contrast’s proprietary solutions that enable developers to make sure that application codes remain secure in real-time. He also added that a market-dominating solution has been created by Contrast while partnering with them makes for an exciting journey ahead for innovating further in the application security segment.
