(Photo by Stephen Babcock)
Contrast Security said it closed on $65 million in Series D funding, as the Silicon Valley-based company with an East Coast dev and engineering office in Baltimore looks to scale its app security product.
The round was led by Warburg Pincus, a new investor in the company, with participation from existing investors including Battery Ventures, General Catalyst, Microsoft venture fund M12, AXA Venture Partners and Acero Capital. It follows a $30 million Series C round raised in 2017 and a $16 million Series B round in 2016, bringing the company’s total raised to $122 million.
Founded in 2013 by Maryland-based CTO Jeff Williams and Chief Science Officer Arshan Dabirsiaghi, the company’s technology is designed to secure businesses’ software applications by making them “self-protecting,” with tools to automate the process of detecting and fixing vulnerabilities built in at the code level. It’s offered for apps built in Java, .NET, Node.js, Ruby and Python.
“Our market research shows that companies around the globe are investing in Digital Transformation and software development initiatives,” said Brian Chang, managing director at Warburg Pincus, in a statement. “High speed DevOps software and rapid cloud adoption create an enormous security risk if legacy tools are used. These mega-trends create a uniquely large opportunity for Contrast Security.”
Along with funding, Contrast has also added customers, with the addition of 520 in fiscal year 2018, according to the company. It also released a free “community edition” that’s designed to secure Java applications and APIs for small teams.
In September, it entered a strategic partnership with In-Q-Tel, the investor that seeks to back technologies supporting the U.S. intelligence and defense communities. The company said at the time that the partnership will result in the company’s technology securing software at large civilian and military organizations.
The company is growing in Baltimore city. Late last year, Contrast moved into a new office at Brown’s Wharf in Fells Point, where it relocated from Natty Boh Tower. With the new funding, hiring will continue. A quick glance at its job postings indicates the company currently has a number of open engineering positions in Baltimore.
The new funding will help to further development of the products and international expansion. Growth is also expected in its customer success team.
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