Secure Code Warrior secures $72.58 million in Series C++

Coding security startup, Secure Code Warrior, has locked in $72.58 million (US$50 million) in Series C funding, led by Paladin Capital Group.

This follows its almost equally-massive $69.2 million Series B that was led by Goldman Sachs and also included ForgePoint Capital. Both investors returned for the Series C round.

The latest funding execution is the company’s highest to date, bringing its total funding to $145 million. It’s also one of the largest raises we’ve seen this year, with the first half of 2023 recording the lowest investment numbers for the period since 2019.

Secure Code Warrior was first launched in 2016 by Pieter Danhieux and Matias Madou, who both have cybersecurity backgrounds.

The SaaS platform educates developers on writing secure code with individual company guidelines, as well as applying software security principles.

Cyberattacks are getting worse in Australia

We’ve certainly seen the catastrophic impact that vulnerable networks can have on businesses, their reputations, and their customers. In the last 12 months alone we’ve seen the likes of the Optus data breach and the Medibank and Latitude hacks — just to name a few.

Secure Code Warrior believes that companies need to go beyond traditional security tools, which is why it offers a hands-on approach to cybersecurity education that differentiates its product from others on the market.

“With 2023 already one of the very worst years on record for large-scale cyberattacks, no organisation can afford to keep applying the same reactive tactics and expect a different, more positive outcome,” Pieter Danhieux, Co-Founder and CEO of Secure Code Warrior, said in an email to SmartCompany.

“In general, we must get serious about a defensive approach to cybersecurity, and that includes a focus on enterprise-wide security awareness, especially for those working on code.

“Developers are a powerful, under-utilised force against threat actors when adequately security-skilled, and investment in secure coding education is one of the most efficient ways to eliminate vulnerabilities at the source, before they can be exploited and cause widespread damage.”

Secure Code Warrior wants to to harness the power of AI

According to Secure Code Warrior, the new funding will be used to accelerate its platform and go-to-market innovations. Part of this plan is to utilise AI to identify vulnerabilities and fix code faster.

“Enterprises know that there is no one size fits all approach to developer-driven security and seek the ability to offer solutions that are effective across their teams,” Danhieux said.

“We have focused on our platform to enable agile learning, through multiple learning paths and experiences, including our real-time feedback option with Coding Labs, to create the most comfortable learning environments possible.”

The conclusion of the Series C round coincides with the company naming Imperva’s Chief Customer Officer, Nanhi Singh, to its board of directors. It also appointed Patrick Collins as its chief product and technology officer.

“Secure Code Warrior has proven they are at the forefront of enabling developers to remain agile while learning secure coding,” said Mourad Yesayan, Managing Director ofPaladin Capital Group. Yesayan also serves as a Secure Code Warrior Board member.

“The value they deliver to 600 enterprises and counting has never been more important in this dynamic, AI-influenced global economy where secure-aware developers and engineering teams are a massive asset.”