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Ox Security lands a fresh $60M to scan for vulnerabilities in code
Ox Security, a platform scanning for vulnerabilities in both AI-generated and human-produced code, has secured $60M in Series B funding, bringing its total to $94M. Founded in 2021, it assists developers in ensuring code security and optimizing performance. The funding will help Ox compete in a growing market while expanding its services to over 200 customers, including major corporations and government entities.
Key points
- Ox Security raised $60M in Series B funding led by DTCP, raising its total to $94M.
- Founded in 2021 by Neatsun Ziv and Lior Arzi, the startup focuses on scanning vulnerabilities in AI and human-generated code.
- The funding will be used for growth and expansion, directly targeting an increasing market demand due to the rise of generative AI in software development.
- Ox analyzes over 100 million lines of code daily for around 200 clients, including Fortune 10 companies and federal agencies.
- The company aims to double its annual recurring revenue of $10M by the end of the year and plans to become cash-flow-positive within 2-3 years.
- The platform offers threat modeling, recommendations for fixes, and assists in executive reporting on security breaches.
Why it matters
- The rise of generative AI tools in development has increased the need for security measures in coding, making Ox’s offerings increasingly relevant.
- Ox Security positions itself in a competitive landscape alongside firms like Snyk, Veracode, and Synopsys, highlighting the demand for secure coding solutions.
- Growing cybersecurity concerns in various sectors, including government and military, align with Ox’s client base and the overall market trend towards enhancing software security.
Ox Security's successful funding round reflects the increasing significance of security in software development, especially as AI tools proliferate, positioning the company for future growth amidst rising cybersecurity challenges.