Headline
StackHawk Raises $20.7 Million in Series B Funding for Developer-First Application and API Security Testing
Round co-led by Sapphire Ventures and Costanoa Ventures to accelerate product leadership and market growth.
DENVER, Colo. - May 12, 2022 - StackHawk, the company making application security testing part of software delivery, has secured $20.7 million in capital co-led by Sapphire Ventures and Costanoa Ventures with participation from Foundry Group and other high-value investors. With this funding, StackHawk will invest in product development to maintain its market leading position in developer-first application and API security testing and to continue its rapid growth. This latest financing brings StackHawk’s total funding raised to $35.3 million.
Every modern software development organization has shifted from quarterly releases to daily or hourly releases, incorporating Continuous Integration and Continuous Delivery (CI/CD). In the modern world of FinTech, HealthTech, cloud analytics and AI platforms, customers are entrusting their most critical data to software providers. Periodic manual security testing by an external team is simply too risky. Because of this, modern software development organizations are extending CI/CD to encompass Continuous Application and API Security Testing. This way security vulnerabilities are detected while the developer is actively working on the code.
“In the current world we live in, security is more important than ever. Our prospects know they have a gap in how they approach security and recognize the need for what we do even before we speak with them.” said Joni Klippert, Co-Founder and CEO. “As the leader in this advanced approach to dynamic security testing, the market pull drove the funding round. We will use the funds to continue to invest in our product to maintain leadership and significantly increase funding for marketing, sales and partnerships. Our recently announced Snyk integration, which is already driving value with joint customers, is a great example of this.”
Forrester research reported that web application and API exploits are the most common form of external attack affecting organizations today. To better protect from these threats, 43% of global security decision makers are looking to implement dynamic application security testing during software development. As a result, Gartner expects worldwide application security testing (AST) end-user spending to exceed $3.1 billion in 2022.
To learn more about the funding round and StackHawk’s approach to developer-first application and API security testing, visit stackhawk.com.
About StackHawk
StackHawk is making application security testing part of software delivery. The StackHawk platform empowers engineers to easily find and fix application security bugs at any stage of software development. With a strong founding team that has deep experience in security and DevOps, and some of the best venture investors in the business, StackHawk is putting application security testing into the hands of engineers. Learn more and sign up for a free trial at www.stackhawk.com.
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