GuardRails raises US$734K from Cocoon Capital, aims to lower security breach in businesses
GuardRails, a SaaS-based software security provider, announces that it has raised S$1 million (US$734,000) in a seed financing round led by Cocoon Capital, Singapore-based early-stage venture capital firm.
With the funds from the seed investment, GuardRails said it plans on scaling their team of software engineers, security experts as well as sales and customer success representatives. GuardRails is also adding support for even more programming languages, development platforms, and security testing technologies to allow it to realise their vision of making application security available to all.
GuardRails aims to help developers find, fix, and prevent security vulnerabilities in real-time at a claimed low cost. It was founded by Stefan Streichsbier, a renowned Austrian security expert who co-authored the first certifiable security standard in the European Union for web application security.
“Currently, companies need a small army to deploy and integrate security solutions tightly into the development workflows, after which they find heaps of cryptic vulnerabilities without any useful information on how to fix them. This is something not many companies, especially small businesses, can afford to do,” said Streichsbier, founder and CEO of GuardRails.
According to the Singapore Threat Report by US security firm Carbon Black, 96 per cent of organisations in Singapore have had at least one breach in the past 12 months due to external cyber-attacks. It was also found that 43 per cent of online attacks are now aimed at small businesses, where 60 per cent go out of business within six months of being victimised.
These breaches, the report informed, not only threaten the operations of critical infrastructure, but ultimately impact the lives of ordinary people as well, impacting industries in healthcare, education, and transport to name a few.
In May 2019, GuardRails graduated from ICE71 Accelerate and said that it has been trusted by almost 800 development teams across the United States, United Kingdom, Europe, and Asia.
DevSecOps, development, security, and operations, is the philosophy of integrating security practices within the DevOps process.
To date, GuardRails has added support for 10 programming languages and most recently launched support for GitLab in addition to GitHub. GuardRails has also been made available for on-premise deployments and is adding support for BitBucket by the end of the month.