IriusRisk closes $6.7m Series A funding round led by Paladin Capital Group //20.10.20
IriusRisk, a member of LORCA’s fourth cohort, has closed a $6.7m Series A funding round, which was led by Paladin Capital Group with participation from 360 Capital Partners and existing investors Swanlaab, JME Ventures and Sonae Investment Management. The funding will enable IriusRisk, which has an innovative threat modelling platform for application security, to focus on global growth by expanding its sales and marketing teams in the US, UK and Europe.
IriusRisk’s platform helps developers, software architects and security engineers to design secure software from the start of the development process and manage security all the way through to the testing phases. The company, which now has 40 enterprise clients in the US, Europe and the UK, has seen increasing demand for app security to be built in to software at an early stage to avoid costly security design flaws emerging later.
Across the security landscape, the secure by design approach is gaining momentum and is seen as a more proactive (rather than reactive) way to approach security. The National Cyber Security Centre says that “to be truly effective, security needs to be built-in from the ground up,” and has shared its secure by design principles. Meanwhile the UK government “advocates for strong security to be built into internet-connected products by design” as part of its Secure by Design agenda for securing consumer smart devices.
Commenting on the impact IriusRisk’s funding round will have, co-founders Stephen de Vries and Cristina Bentue said it will enable the company “to expand while providing our clients, such as Redhat and Axway, with solutions that accelerate their adoption of automated threat modelling tools”.
Conor O’Sullivan, vice president at Paladin Capital Group, (which is part of LORCA’s investor community) said: “Secure design in application security has been a manual, time-consuming, inefficient and specialised process for many years. We’re pleased to partner with IriusRisk in its mission to provide automated solutions to the increasing vulnerabilities and threats at the design stage of applications. The IriusRisk team has the domain expertise and product vision that will enable the practice of threat modeling to scale to the thousands of applications that an enterprise maintains every year.