Checkmarx reaches $14.5M. Looking to hire
Israeli startup Checkmarx, a developer of tools for the testing and analysis of code to identify security vulnerabilities, has announced the completion of an $8M funding round. According to Globes, the round was led a private equity fund with possible participation by previous investors XT Group and SalesForce who invested $6.5M in a prior round. The current financing round puts the total funds raised by Checkmarx at $14.5M.
Many companies are looking for solutions to find and close up security holes in their code. Companies have even hired hackers to break into their sites in order to report on exposed weaknesses. Generally these aggressive solutions can be extremely expensive despite often not being comprehensive enough. Checkmarx’s flagship product is called CxSuite and actually allows coders to reduce the time and staff needed to handle security checking through a plugin that informs coders of potential weak points as they write the code itself. Checkmarx patented technology supports most major programming languages (16 to date) and scans the application’s source code to find security problems. The company works according to accepted standards OWASP Top 10, SANS and other accepted standards on the market. Checkmarx plans to use the funding to recruit new new talent to boost its ranks.
“Our niche in the field of information security has grown rapidly in recent years,” said Assaf Shulman, director of marketing at Checkmarx in an interview with Geektime, “Many billions of dollars have been invested in recent years in securing the network itself making such an approach less convenient for hackers, causing them to concentrate their efforts on weak layers of the applications themselves – and that’s where we come in.” According to Shulman, Checkmarx major competitors include HP, which acquired Fortify 3 years ago and IBM, which bought Ounce Labs 4 years ago. While competitors scan your source code and send a PDF file at the end of the development process that includes all bugs found in it, Checkmarx provides feedback and allows you to make fixes on the fly.
Checkmarx company was founded in 2006 by Maty Simon, a graduate of MAMRAM – the IDF Army’s elite tech unit, and managed by Emmanuel Benzaquen (CEO). The company was established in the Naiot Venture Accelerator of XT, formerly Ofer High-Tech from the Ofer Brothers, which operates on a variety of levels in Israel’s high-tech scene. Checkmarx has 60 employees, most of them sitting at their Israel offices located in the Azrieli Towers in Tel Aviv, as well as few at their New York office.
Among their clients can be found Fortune 500 companies, government agencies (including the U.S. Army), and medium and small businesses hailing from 30 different countries around the world. The Company recorded the last 5 years an impressive growth of 2200% and placed eighth the Technology Fast 50 a few weeks ago; an annual survey conducted by Deloitte which lists the 50 fastest growing companies in Israel every year. The company’s business model is to license out the use of their product on a yearly basis.