Ox Security Secures $60M Funding to Fortify Code Security, Especially for AI Code

In the fast-paced world of software development, where the adoption of generative AI tools is accelerating, ensuring the security of code is paramount. As developers embrace AI assistants, the potential for subtle vulnerabilities introduced by these tools becomes a critical concern. This is where companies like Ox Security step in, and they’ve just received a significant boost. Boosting Code Security in the AI Era Ox Security, a platform designed to model risk across both AI- and human-produced code, recently announced the closure of a $60 million Series B funding round. This substantial investment brings Ox’s total funding to $94 million, signaling strong investor confidence in their approach to application and supply chain security. The funding round was led by DTCP, with notable participation from major tech players and investment firms, including: IBM Ventures Microsoft Swisscom Ventures Evolution Equity Partners Team8 Founded in 2021 by Neatsun Ziv and Lior Arzi, former security experts from Check Point, New York and Tel Aviv-based Ox Security aims to provide comprehensive tools for both security teams and developers. Their platform scans code within applications and helps secure the broader software supply chain. Addressing Risks in AI Code Generation The rise of AI in coding brings efficiency but also new challenges. As Neatsun Ziv, Ox Security’s CEO, noted, while AI tools speed up development, they can sometimes miss subtle security flaws that critical thinking would catch. Ox Security’s platform is specifically built to address these potential gaps in AI code , freeing up developers to focus on innovation while improving an organization’s overall security posture. The platform offers several key capabilities: Scanning code for vulnerabilities Modeling potential threats Recommending fixes for identified issues Assisting with code reviews Generating executive reports on breaches and causes This comprehensive approach is vital as companies increasingly rely on AI-generated code, making effective vulnerability scanning more important than ever. Scaling Vulnerability Scanning for Diverse Clients Ox Security is already making a significant impact, analyzing over 100 million lines of code daily for approximately 200 customers. Their client base is diverse, spanning from Fortune 10 companies to small and medium-sized businesses, as well as military, government entities, and federal agencies. Prominent customers include eToro, SoFi, and even two of their investors, Microsoft and IBM. This wide adoption demonstrates the critical need for advanced vulnerability scanning solutions that can handle the complexity of modern software environments, including those incorporating AI tools. Fueling Growth in Software Development Security The fresh $60 million capital infusion will be primarily used for growth and expansion. With 150 employees, Ox Security is competing in a market with established players like Snyk, Veracode, Synopsis, and Checkmarx. The company is currently generating around $10 million in annual recurring revenue, a figure they anticipate doubling by the end of the year. They also plan to be cash-flow-positive within the next 2-3 years. This focus on scaling and reaching larger goals highlights the significant market opportunity in securing the future of software development , particularly as AI becomes more integrated into the coding process. The Future of Cybersecurity Funding The substantial cybersecurity funding secured by Ox Security underscores the increasing investment focus on application security and supply chain integrity. As software supply chain attacks become more prevalent and the use of AI in development introduces new attack vectors, investors are clearly backing companies that offer robust solutions to mitigate these risks. Ox Security’s success in this funding round positions them strongly to address these evolving challenges and expand their footprint in the critical area of code security. In conclusion, Ox Security’s $60 million Series B is a significant development in the cybersecurity space, particularly for those concerned with the security implications of AI-driven software development. Their platform’s ability to scan both human and AI code for vulnerabilities is timely and essential for organizations building secure applications in today’s complex tech landscape. To learn more about the latest AI market trends, explore our article on key developments shaping AI features.

Source: Bitcoin World