MONTREAL--(BUSINESS WIRE)--IMMUNIO, the industry leader in runtime application software protection (RASP), today announced $5M in Series A funding to accelerate growth and support the company's strategy to redefine the way organizations protect web applications. Led by White Star Capital, a transatlantic venture fund operating between London, New York and Montreal, the Series A also included all previous seed investors bringing the total funds raised to date to $8.3M.
As cloud adoption continues to grow, developers are creating new web applications faster than ever before and with that comes significantly increased challenges in application security. The old security paradigm of ‘find quickly and fix quickly’ is neither effective nor efficient in today’s agile development processes and complex technology architectures - no teams or tools can address security issues and fix vulnerabilities fast enough. IMMUNIO’s technology allows companies to release software into production efficiently, knowing that applications will be ‘immune’ to exploitation. This drastically reduces risk and gives security teams the information and time to address vulnerabilities.
Gartner reports that by 2019, enterprises will spend over $1.2 billion on application security, doubling the $600 million spent in 2014. The firm also notes that by 2018, the need to prevent data breaches from public clouds will drive 20 percent of organizations to develop data security governance programs.1 Driving a new standard for cloud software protection, IMMUNIO ensures application security from the inside - monitoring to detect vulnerabilities and immediately blocking unwanted activity in real-time. The result is unprecedented protection, keeping web application owners and their users safe from hacks.
"We are bringing to market a solution that is redefining how we think about web application security and have already seen significant traction. This round of investment, along with strong additions to the management team, gives us the resources to accelerate our growth rapidly to meet the ongoing needs of today's cloud environment," said Zaid Al Hamami, CEO and Cofounder, IMMUNIO. "Cloud has brought such incredible advancements in the speed at which we build applications, and with hundreds of millions of applications on the web today, a huge portion are vulnerable. RASP allows for real-time protection while uniting the development and IT operation teams in their efforts to ensure applications are running smoothly and securely."
IMMUNIO's innovative approach provides protection for today's web applications through advanced RASP, a software inserted into the application itself. RASP can flag vulnerabilities within the app and immediately block attacks in real time, allowing both developers and IT operations teams to understand where the vulnerability was, how it was blocked and what the steps are to fix it. This is a next-generation technology that provides the same vulnerability identification benefits as static and dynamic scanners on one hand, and the protection features of web application firewalls (WAF) on the other, while being orders of magnitude simpler to deploy and operate.
As part of today's news, IMMUNIO also announced additions to the management team, appointing Goran Begic as vice president of product and Richard April as chief marketing officer. Begic comes from a role leading product management at Veracode, where he was responsible for product strategy and management for enterprise cloud-based application security solutions and led a team investigating new market solutions for web application security. April brings more than 20 years of experience at startups, early stage and growth companies in the cloud, mobile, security and SaaS/software segments, and headed-up marketing at Cyber-Ark Software, Ipswitch, AG Salesworks and Repsly. Dr. Richard Reiner, a widely-regarded security innovator and serial cybersecurity entrepreneur also joined the company as a board member. Dr. Richard Reiner has held board positions at several successful companies including Veracode, Enomaly, Elliptic Technologies and PasswordBox.
“The future for application security is in RASP,” said Jean-Francois Marcoux, General Partner at White Star Capital. “There needs to be a shift toward securing web software from within and the market opportunity for the kind of technology IMMUNIO provides is vast. We are excited to be backing the experienced team at IMMUNIO as they scale their global footprint and customer base."
IMMUNIO is a pioneer in real-time web application security (RASP), providing automatic detection and protection against application security vulnerabilities. The company’s mission is to make truly effective real-time web protection technology easily available and widely deployed, and by doing so, stop the biggest source of breached data records. For more information, visit https://www.immun.io/ or follow @immunio.
About White Star Capital
WSC is an early-stage venture capital firm that helps exceptional entrepreneurs build great technology companies. With a presence in Europe and North America and a truly global network, WSC invests in talented teams and supports them to scale globally. Our team has a deep operational background having founded, scaled and exited businesses. Other investments include Ludia and mnubo in Montreal, Gymtrack in Ottawa, Betaworks, KeyMe and Freshly in New York, Dollar Shave Club and Science in Los Angeles, Summly and ADGLOW in London and Cryex in Sweden. For more information, visit www.whitestarvc.com.
1 Gartner, Inc. “Predicts 2016: Application and Data Security,” by Ray Wagner, Ayal Tirosh, Brian Reed, Brian Lowans, Jay Heiser, Andrew Walls, December 3, 2015