Industrial and chemical conglomerate Koch Industries co-led US-based cybersecurity technology provider ForAllSecure’s $21m series B round on Monday through corporate venturing unit Koch Disruptive Technologies.
The round was also co-led with New Enterprise Associates, the venture capital firm that contributed to a 2018 funding round for the company sized at $14.7m according to a securities filing.
ForAllSecure’s Mayhem technology can autonomously test the security of software applications, finding exploits and helping to defend them from cyberthreats. It plans to use the series B proceeds to grow headcount and boost product innovation.
The company secured a contract worth up to $45m with the US Defense Innovation Unit in 2020 to cover critical systems within the Department of Defense across the army, navy and air force.
The series B funding comes after ForAllSecure recently launched a free version of the Mayhem platform for independent developers to use. It cited research from Emergen Research indicating the development, security and operations (DevSecOps) sector is expected to reach $23.4bn in size by 2028.
David Brumley, co-founder and chief executive of ForAllSecure, said: “We started ForAllSecure to automatically test apps the same way attackers will, before attackers can.
“We believe manual testing is too slow, expensive and error-prone to scale with the modern speed of development. Other application security approaches just do not work like attackers and cannot be truly automated because humans need to double check the results.
“ForAllSecure enables security to ‘shift-left’ and find issues early, often and cost-effectively. The time to fully automate application security is now.”
