Checkmarx, an Israel-based cybersecurity technology provider backed by enterprise software producer Salesforce.com, received $84m in series C funding from venture capital and private equity firm Insight Venture Partners yesterday.
Founded in 2006, Checkmarx’s software identifies, fixes and blocks security vulnerabilities in the source code of web and mobile applications. It operates early in the software development lifecycle, when fixing faults is most cost-effective.
Checkmarx previously received an undisclosed amount of series A funding from XT Investments, a subsidiary of conglomerate Ofer Brothers Group then called Ofer Hi-Tech, and Salesforce.
The company subsequently closed a $8m series B round in 2013 led by an undisclosed private equity firm that may have also included Salesforce, which is also one of Checkmarx’s key customers, and XT.
Insight’s funding will be invested in product innovation and geographical expansion. Checkmarx currently has 150 employees spread across Israel and the US.
Emmanuel Benzaquen, chief executive of Checkmarx, said: “Checkmarx was founded with the goal of becoming the world leader in the application security market to provide businesses a better way to protect their data.
“Our partnership with Insight Venture Partners will allow us to continue our pursuit of that goal as we expand our global sales operations and widen the scope of our application security platform.”