Contrast Security, SafeBreach Latest Cybersecurity Funding Recipients

Cybersecurity funding remains in high gear. The the latest examples are Contrast Security with $150 million and SafeBreach with $53.5 million in new funding.

According to Crunchbase, just over $14 billion has been invested in cybersecurity year to date. That far outpaces the then-record-breaking $7.8 billion raised by security companies last year.

Seven funding rounds last quarter were more than $200 million and 18 rounds totaled more than $100,000.

Contrast Security has closed $150 million in Series E funding. The round was led by Liberty Strategic Capital, together with full participation from existing investors Warburg Pincus, Battery Ventures, General Catalyst, Microsoft’s M-12 Fund, AXA Venture Partners and Acero Capital.

Contrast Security provides next-generation code security tools.

Alan Naumann is Contrast Security’s CEO.

Contrast Security’s Alan Naumann

“This investment allows Contrast to meet the growing demand for the world’s only platform for code security built for developers and security teams with the C-suite in mind,” he said. “It will also enable the company to further gain market share with accelerated global expansion plans, following new leadership in EMEA and rapid customer adoption in APAC, as well as partner and channel expansion internationally. It also provides the company with additional flexibility to execute on strategic opportunities and acquisitions.”

Contrast Security’s Strength Good for Partners

A strong Contrast Security is good for its partners, Naumann said.

“With this investment, we will be able to make and sustain multiyear investments in new initiatives and in new products, which will benefit our customers, but also our partners,” he said. “Joint marketing efforts will also benefit both Contrast and the partner. There should also be an increased demand for services that our partners can provide if that is part of their business strategy.”

Partners play a critical role in Contrast Security’s growth and expansion plans, Naumann said.

“They enable geographic expansion, broader awareness in the market, deeper integrations and seamless customer experiences,” he said. “Contrast plans to invest significantly in the partner and channel ecosystem with this additional funding.”

Most companies today are using first-generation tools and manual tests to try and secure their code, Naumann said. As a result, software is shipping with critical vulnerabilities.

“It is time to stop,” he said. “The Biden administration Executive Order and the rapid adoption of DevSecOps transformation has increased the demand for Contrast’s approach to code security across health care, financial services, government and technology sectors. Outcomes provided by the Contrast platform including reducing time to market, significantly decreasing cyber risk and increased developer efficiency, all result in providing customers with clear competitive advantages.”

SafeBreach Funding

Meantime, SafeBreach, a provider of breach and attack simulation (BAS), has raised $53.5 million. Sonae IM and Israel Growth Partners (IGP) led the funding round, with additional participation from Sands Capital and Leumi Partners.

The latest round also includes strategic investment from ServiceNow, and participation from existing investors including Sequoia Capital, Deutsche Telekom Capital Partners, DNX Ventures and others.

This new capital more than doubles the investment in SafeBreach, bringing the company’s total funding to more than $106 million. Large global enterprises turn to SafeBreach for breach and attack simulation as part of their security strategies. They use it to validate controls, improve security and mitigate business risk.

The new capital will fuel the company’s plans to expand into new regions and evolve its offerings in response to client needs.

Ken Smith is SafeBreach‘s chief revenue officer.

SafeBreach’s Ken Smith

“With this new funding, we’re working to expand our channel team with at least four additional new hires, and we remain committed to reaching our goal of becoming 100% channel-based,” he said. “This $53.5 million will be used to continue innovating so we can ensure our platform meets the evolving needs of our customers and the market. But with that innovation also comes the need for further integrations. We’ve already established relationships with some of the most well-known security brands. And we’re looking to form deeper integrations to offer the channel.”

Global Presence to Benefit Partners

SafeBreach partners will also benefit from a global presence, Smith said. The company plans to use this funding to expand further into APAC and EMEA.

“This expansion gives SafeBreach the capabilities to offer customer success functions on a global scale, so customers will never be left without support,” he said. “Expanding our partnerships and channel relationships will dramatically broaden the market reach of SafeBreach. These initiatives will also increase awareness of the key role that automated BAS plays in forward-thinking cybersecurity strategies that address the dynamic nature of attacks, as well as the growing risk of self-inflicted harm due to improper and poorly validated security control configurations.”

SafeBreach has known that BAS is a must-have rather than a nice-to-have, Smith said.

“We anticipate seeing a more widespread adoption of that concept as we move into 2022, especially given the drastic increase in ransomware and breach activity over the past year,” he said.