SECURITY
SECURITY
SECURITY
Contrast Security raises $65M to accelerate technology development
Application security startup Contrast Security Inc. has raised $65 million in late-stage funding to accelerate technology development and help its international expansion.
The Series D round was led by Warburg Pincus and included participation from previous investors Battery Ventures, General Catalyst, M12 (Microsoft), AXA Venture Partners and Acero Capital.
Founded in 2014, Contrast Security offers “self-protecting” security software designed to protect enterprise software applications from within by enabling enterprise developers to build in security functions through an embeddable module. With a focus on DevOps, agile and cloud-native apps, Contrast said its modules can be set up and installed in about a minute to start monitoring an application’s internal components using a threat detection method described as “deep security instrumentation.”
The company claimed its patented deep security technology enables accurate assessment and always-on protection of an entire application portfolio, without scanning or expensive security experts.
“Everything about software today is different, from the increased dependence on third-party and open-source components to microservices and API-centric architectures, and complex cloud deployments,” Contrast Chief Executive Officer Alan Naumann said in a statement. “However, many companies are still trying to rely on 15-year-old legacy security tools for their modern software stacks. This approach leaves them with restricted software development capabilities or living with substantial enterprise risk of a data breach.”
Contrast’s pitch is apparently resonating. The company claimed its annual recurring revenue is growing more than 120 percent year-over-year last year, with sixfold growth in the number of transactions over $1 million, though it didn’t provide absolute numbers. It said it gained 520 new customers last year as well.
The company last raised venture capital funding with a $30 million round in October 2017 that was later extended in December of the same year. Including the new funding, it has raised $119 million to date.
Image: Contrast Security
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