ForAllSecure, an application security testing startup, has raised $21 million in a series B funding round co-led by Koch Disruptive Technologies (KDT) and existing investor New Enterprise Associates (NEA). This financing brings the company’s total funding to $36 million. ForAllSecure plans to use the infusion of capital to accelerate growth, increase headcount, and fuel product innovation, including a solution to secure the thousands of open source projects widely used by businesses around the world.
The funding comes at a time of tremendous growth for DevSecOps and application security tools. In 2020, the global DevSecOps market reached $2.55 billion in 2020 and is expected to increase more than $23 billion in 2028. While the importance of secure software isn’t new, the recent headline-grabbing security breaches and increasing complexity of the software supply chain is increasing the importance of shifting security left in the development lifecycle. Furthermore, fully automated and autonomous testing become a critical need when security talent is scarce.
ForAllSecure delivers an autonomous security testing solution that maximizes development productivity by integrating layers of security testing into continuous workflows. By intelligently automating the testing and maintenance of software, Mayhem allows developers to focus on what they do best and deliver secure, reliable applications that provide a competitive advantage.
ForAllSecure’s Mayhem products work autonomously to find and create exploits, as well as defend vulnerable applications against hackers. Its patented algorithms, pioneered at Carnegie Mellon University, continuously uncover defects with unprecedented speed, scale and accuracy. Since launching its first commercial product in 2020, ForAllSecure has amassed more than 100 customers, ranging from the U.S. Department of Defense to the Roblox gaming platform.