Endor Labs Gets Strategic Investment from Citi Ventures

Endor Labs has received a strategic investment from Citi Ventures, following $70 million in new Series A funding last August.

Citi Ventures, which has a presence in regions ranging from Palo Alto, California, to Singapore and Tel Aviv, invests in startups that are “helping revolutionize financial services,” according to Endor Labs.

Varun Badhwar, Endor Labs’ CEO and co-founder, said his company already serves some of the largest financial institutions in the United States, “and our work with Citi gives us even better insights into how to solve problems at this scale.”

Endor Labs' Varun Badhwar

“Financial institutions employ tens of thousands of developers, and often outpace technology companies with innovation and shipping new applications,” he said. “Software supply chain security is now a board-level concern for these organizations, because ignoring it or getting it wrong not only exposes the organization to significant risk, but costs hundreds of millions in lost developer productivity.”

Endor Labs Plans Expansion with Funding

Andrew Davidson, Endor Labs’ vice president of business development and alliances, said his company has been expanding to achieve its mission to “secure everything your code depends on.”

“We’ve started with open source security (software composition analysis (SCA) as our foundation, and are now setting a new standard for what SCA means, selecting better open-source software, prioritizing reachable risks and providing multiple options for remediation,” he said. “The new funding will help fuel the product expansion into new product domains, as well as further our EMEA presence.”

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Endor Labs' Andrew Davidson

Endor Labs works with VARs, SIs and managed security providers that are already engaged with its target customers and have a “very good” understanding of its prospective customers, Badhwar said. This includes channel partners that have a good understanding of the needs, wants and challenges of organizations, playing a pivotal role in connecting Endor Labs with enterprises who need its technology.

Endor Labs is dedicated to being a 100% channel company, Davidson said.

“Partners can expect more enablement and incentives, and new differentiated products,” he said. “Some of our major wins have come from working with the channel in the field. We will continue to expand our partner activities and campaigns in North America and EMEA. Specifically, this year at Black Hat, Endor Labs will be sharing some exciting product news, stay tuned.”

“Endor Labs represents the next major innovation in application security,” said Matt Carbonara, Citi Ventures’ head of enterprise tech investing. “Their platform represents a technological step change in how vulnerabilities are analyzed. For a long time now, developers have had to manually analyze vulnerabilities to assess if they are exercised in production. We believe that the reachability analysis provided by Endor Labs will be a must-have technology for enterprises, focusing developers’ efforts on only the most critical and reachable vulnerabilities and saving them countless hours. We’re extremely excited to become investors and partner with Varun and the team.”