US-based cybersecurity technology provider Contrast Security has secured $150m in series E funding from investors including diversified software producer Microsoft and insurance provider Axa, through M12 and Axa Venture Partners respectively.
Liberty Strategic Capital led the round, which included fellow private equity firm Warburg Pincus and venture capital firms Acero Capital, Battery Ventures and General Catalyst. It boosted the company’s total funding to approximately $272m.
Contrast Security has created a software platform that embeds code analysis functionality to alert developers when there are vulnerabilities or errors in their code in order to prevent data breaches.
The capital will fuel global expansion for the company, which is already present in the Europe, Middle East, Africa and Asia Pacific regions, as well as for potential acquisitions.
M12 and Axa Venture Partners also took part in a $65m series D round for Contrast Security in early 2019 that was led by Warburg Pincus and which included Battery Ventures, Acero Capital and General Catalyst.
Battery Ventures had previously led a $30m series C round in 2017, investing alongside Acero Capital and General Catalyst, the latter having led a 2016 series B round also featuring Acero Capital and assorted private investors.
Alan Naumann, Contrast Security’s chief executive, said: “The global economy is running on software applications. We are now seeing business leaders, including Microsoft and Google, commit publicly to spend billions of dollars in order to decrease cybersecurity risks in today’s fast paced application economy.”
