Ox Security, a platform focused on identifying vulnerabilities in AI-generated and human-written code, has recently secured $60 million in Series B funding, bringing its total investment to $94 million. This funding round was led by DTCP, with support from major players like IBM Ventures, Microsoft, Swisscom Ventures, Evolution Equity Partners, and Team8.
Founded in 2021 by Neatsun Ziv and Lior Arzi in New York and Tel Aviv, Ox Security emerged from their backgrounds in software and IT engineering at Check Point, where they contributed to the development of threat prevention solutions. The company’s platform is designed to enhance the security of applications and supply chains by scanning code, assessing potential risks, suggesting remedies, facilitating code reviews, and generating executive reports on security breaches.
Ziv noted that while AI tools have revolutionised the software development landscape, they often lack the discernment to identify nuanced security issues. Ox aims to alleviate this challenge by allowing developers to divert their focus towards innovation while bolstering their organisation’s overall security framework. The platform currently evaluates over 100 million lines of code daily, serving a diverse clientele of approximately 200 customers, including notable organisations like eToro, SoFi, Microsoft, and IBM, as well as military and government agencies.
With aspirations for growth, Ox Security plans to use the newly acquired funds to expand its operations amidst ongoing competition from other cybersecurity firms, including Snyk, Veracode, Synopsis, and Checkmarx. The startup is currently generating about $10 million in annual recurring revenue, with objectives to double that amount by year-end and achieve cash-flow positivity within the next two to three years. Ziv expressed that the timing is ideal for this financial manoeuvre, suggesting that they are strategically positioning Ox for sustainable growth and success in the competitive market.
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