Ox Security raises $60 million to enhance software supply chain security

Ox Security, a startup focused on software supply chain security, raised $60 million in a Series B funding round.

This investment brings the company’s total funding to $94 million, driven by notable venture firms and tech giants.

Founded by former Check Point executives in 2021, Ox Security specializes in detecting vulnerabilities in AI-generated and human-written code.

The platform supports developers and security teams by identifying risks, suggesting fixes, and providing detailed breach reports.

Funding and Growth

The $60 million round was led by DTCP with investments from IBM Ventures, Microsoft, Swisscom Ventures, Evolution Equity Partners, and Team8.

This capital will accelerate Ox Security’s expansion as it competes with companies like Snyk, Veracode, and Checkmarx.

The startup employs about 150 people and currently generates roughly $10 million in annual recurring revenue.

Ox Security expects to double that revenue by year-end and reach cash-flow positivity in two to three years.

IBM Ventures made a strategic investment earlier in 2023, highlighting Ox Security’s importance in the cybersecurity market.

Platform Capabilities and Clientele

Ox Security scans over 100 million lines of code daily for around 200 customers, including Microsoft and IBM.

The platform models IT threats, recommends vulnerability fixes, and supports code review processes to enhance software safety.

Clients range from Fortune 10 companies to small businesses, military, government entities, and federal agencies.

The rise of AI-assisted coding tools increases the need for advanced security solutions like Ox Security’s platform.

According to founder Neatsun Ziv, AI tools often miss subtle flaws, making Ox’s technology crucial for strong security postures.

• Analyzes AI-generated and human-written code
• Identifies security vulnerabilities and models threats
• Recommends fixes and assists in code reviews
• Provides executive reports on breaches and causes

Ox Security’s work is critical as software supply chains increasingly depend on AI-driven development tools, which can accelerate process risks.

This funding enables the company to meet growing demand and improve software integrity in various industries.

Learn more about Ox Security’s focus on strengthening software security in their detailed profiled report.

Ox Security’s CEO highlighted the platform’s potential to free developers to innovate while improving overall security, reinforcing the need for such tools in modern software development.

The strategic investment by IBM Ventures further supports Ox Security’s mission to enhance software supply chain safety.

This funding also positions Ox Security to compete effectively against established security companies like Checkmarx and others offering similar solutions.