04 December 2023

ArmorCode Raises $40M in Series B Funding

We feel incredibly fortunate to have the opportunity to participate in ArmorCode's Series B round.

ArmorCode, leader in Application Security Posture Management (ASPM) and Risk-Based Vulnerability Management (RBVM), recently announced a $40 million Series B round of financing. HighlandX led the round, joined by NGP Capital, along with participation from existing investors Ballistic Ventures, Sierra Ventures and Cervin Ventures. With this latest round of funding, ArmorCode has raised a total of $65 million to propel organizations toward fully understanding and improving the state of their software risk.


The new funding will be used to supercharge the company’s growth by investing in go-to-market, product, and engineering teams to grow the team. The company also aims to expand its revenues with new partnerships and growth in Europe and new product areas, including several new AI and software supply chain capabilities.


ArmorCode & Cervin

Our journey with ArmorCode started in late 2021 when we invested in their Seed round of funding. When we met ArmorCode, we quickly realized that they were uniquely skilled to help improve application security posture by making it easy for AppSec teams and developers to identify, understand, and fix code flaws faster. Nikhil Gupta was a serial entrepreneur and had built an excellent team around him. We were convinced that this team could exploit the industry movement to Application Security in addition to Cloud Security.


Since the company’s Series A in 2022, ArmorCode has grown significantly, including more than 400% year-over-year revenue growth with Fortune 500 companies making up 25% of its customer base. We are proud to participate in this new round of financing and look forward to what the future holds for the company as they expand their vision to democratize application security, and help build the most secure software possible and do it fast—no matter where it is built, how it is built, or who builds it.


We look forward to what the future has in hold for the company. 

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