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Legit Security, a prominent cybersecurity firm, has successfully garnered $40 million in a Series B funding round. This funding is aimed at bolstering the company’s efforts to identify and rectify app vulnerabilities directly from the code.
A Deep Dive into the Funding
The Series B funding round saw significant participation from notable names such as CRV, Cyberstarts, Bessemer Venture Partners, and TCV. Roni Fuchs, the Co-Founder and CEO of Legit Security, has expressed plans to channel these funds into expanding the company’s sales, marketing, and R&D teams. With this financial boost, Legit’s total funding has reached an impressive $77 million.
The Vision Behind Legit Security
The trio of founders – Roni Fuchs, Liav Caspi, and Lior Barak – have a shared history of serving in the cyber warfare division of the Israel Defense Forces (IDF). Their combined experiences in both the governmental and private sectors led them to a realization: traditional app security scanners were falling short. They believed that these scanners failed to provide businesses with a comprehensive understanding of risks, making it challenging to allocate resources effectively and take decisive action.
Legit’s Innovative Approach
Launched in 2020, Legit Security set out with a mission to offer real-time visibility and security control across development environments. Their platform not only integrates with traditional app security tools but also scores their vulnerabilities alongside the native vulnerabilities detected by Legit. Roni Fuchs emphasizes that Legit’s approach goes beyond mere code scanning. The platform provides a holistic view, ensuring security from “code to cloud.”
The Rise of Application Security Posture Management (ASPM)
ASPM is an emerging category in the realm of security tools. Gartner’s recent insights suggest a growing demand for ASPM, predicting that by 2026, 40% of security teams will incorporate an ASPM tool, a significant leap from the current 5%. While Legit Security is making waves in this domain, they face competition from other players like Apiiro, Cycode, and ArmorCode.
Legit’s Unique Selling Proposition
Despite the competition, Fuchs is confident about Legit’s distinctiveness in the market. He cites the platform’s robust auto-discovery, correlation, and analysis capabilities as its standout features. Furthermore, Legit has already secured partnerships with industry giants like Google, the New York Stock Exchange, Kraft Heinz, and Takeda Pharmaceuticals.
The cybersecurity landscape is evolving rapidly, and companies like Legit Security are at the forefront of this transformation. With their recent funding and innovative approach to app security, they are poised to make a significant impact in the industry.
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