Keeping both private and public source code protected, GitGuardian has closed a $44 million Series B round and intends to use the new funding to build upon its secret detection experience and venture into new areas that address a wide variety of software vulnerabilities.
Having quadrupled its recurring revenues in both 2020 and 2021, the startup is striking while the iron is hot and will also expand its go-to-market plans and bolster teams across Europe and the US. Since founding in 2017, the company has raised a total of $56 million.
As the necessity for software solutions exist in even the most brick-and-mortar of industries, a company’s livelihood can hang in the balance based on the time it can develop and deploy secure applications and maintain a competitive edge. Long gone are the days of siloed applications, as the rise of the cloud, SaaS applications, open-source components, etc. etc. etc. have changed the game forever. However, with this need for speed, and various patches required to make the quilt become evermore, so do the security risks involved.
And so with the breakneck speed of software development, and the security risks involved, a fragmented DevSecOps tooling industry has also popped up, seemingly overnight. The only problem therein is that these solutions tend to be highly specialised and address one particular type of vulnerability; SAST, DAST, IAST, RASP, SCA, Secrets Detection, Container Security, Infrastructure as Code Security, and so on, and so on.
As a secrets detection specialist, GitGuardian is aiming to foster the growing “Application Security (AppSec) Shared Responsibility Model” by first getting the developers’ experience right the first time. The only time.
“Developing and launching secure applications must be a shared responsibility between Dev, Sec and Cloud Ops,” explains CEO Jérémy Thomas. “Developers, in particular, want a wingman at every step of the SDLC to help them write more secure code without limiting their productivity. And as defining threat signatures and keeping pace with the thousands of technologies that developers use will always be a never-ending battle, we have already laid the foundation of a powerful and flexible code security framework that can be extended rapidly to encode a wide variety of vulnerabilities.”
With over 300 detectors available, and 130,000+ installs via the GitHub Marketplace, GitGuardian holds the honour of being the #1 security application on the platform and counts Talend, Mirantis, Instacart, Genesys, Now: Pensions, and Maven Wave amongst its client base.
The company’s $44 million Series B round was led by Eurazeo and joined by Sapphire, with participation from existing investors including Balderton, BPI, and Fly Ventures.
"GitGuardian is one of the fastest-growing enterprise software companies in our portfolio and the take-up from global enterprises is nothing short of remarkable. The company's ground-up adoption via developers - GitGuardian is Github Marketplace's most popular security app by a significant margin - also demonstrates just how much of a challenge AppSec is in the new world of software development," added Balderton's Suranga Chandratillake.
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