The money continues to pour into Pittsburgh businesses this quarter, and this time it’s for a fast-growing cybersecurity company targeting a growing tech space.
Software Security Testing Company ForAllSecure announced this morning that it has raised a $21 million Series B funding round led by Koch Disruptive Technologies and existing investor New Corporate Associates. With this round, ForAllSecure has now raised a total of $36 million in funding, according to the company.
Founded in 2012, ForAllSecure is based on patented technology derived from research Carnegie Mellon University. From there, the company won first place in the 2016 competition DARPA Cyber Grand Challenge for its flagship product, Mayhem. In 2017 and 2020, ForAllSecure landed a some contracts totaling $53 million from the defense department to deploy Mayhem to some of the department’s most critical systems. Now, the company is ready to extend its marketing efforts to the acquisition of new customers and new partnerships.
“We are using the funding to double developer-led adoption. We will be hiring developer relationships in marketing, education and training, and of course sales and engineering,” said the ForAllSecure co-founder and CEO. David Brumley Recount Technically. “Last year we released Mayhem for API for free, and you’ll see more of that with a new announcement in a few weeks.”
This release enables software developers to more efficiently build and secure application programming interfaces, or APIs, with fuzz test against SQL injections, command injections, authentication bypasses, server-side request forgery and DoS attacks, according to the company. It is an important tool for giving the prevalence of APIs not only in software development, but also in businesses beyond the technology industry. Highlighting Mayhem’s need for the API, ForAllSecure highlighted a report of Gartner which predicted that API attacks would become the most common form of cyberattacks in 2022.
So far, this has been an attractive proposition for ForAllSecure’s 100+ customers, which include a wide range of industries, from defense to gaming platforms like Roblox. And there are signs that interest will only increase, with a global research and consultancy firm 451 Research find in a study 2018 that one of the biggest challenges in development, security and operations is the “lack of automated and integrated security tools for continuous integration and continuous delivery”.
“The DevSecOps industry is experiencing unprecedented disruption due to explosive growth in software development and demand for more secure applications,” said Navin Maharaja, principal at Koch Disruptive Technologies, in a press release. “The company’s cutting-edge autonomous technology sets the standard for software testing and protection worldwide. Our investment in ForAllSecure underscores our belief that the company is at the forefront of cybersecurity to protect software and software-connected assets from the growing threats we see today.
ForAllSecure now operates as a remote business, Brumley told Technical.ly. Although the team has an office in Oakland through the Pittsburgh Innovation District Avenue coworking space, only around a third of the company’s 30 employees are currently based here.
This latest round of funding for the company also caps the end of a rebound in venture capital activity for Pittsburgh. After dismal deal volumes in 2021 (despite record domestic activity), the uptick in venture capital deals this quarter is a sign of hope for those worried about cash flow in the region.
It’s also a sign that cybersecurity companies could grow in Pittsburgh. With local university programs available here for direct interest in the area of local government, there is room for businesses large and small to take advantage of local expertise and opportunities.
And from what Burmley has shared, it looks like ForAllSecure intends to do just that.
“We expect to raise a Series C in 24 months,” he said. “Our global mission is to become the de facto standard in application security. We don’t see ourselves merging with anyone right now.
Sophie Burkholder is a 2021-2022 corps member of Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by Heinz endowments. -30-