As the trend of “vibe coding” rises and technology companies encourage developers to utilize generative AI tools, cybersecurity startup Ox Security has successfully completed a $60 million Series B funding round. This investment will advance its mission to identify vulnerabilities in code produced by both AI and human developers.

Funding Details

The latest funding round was led by DTCP, with notable participation from several prominent investors, including IBM Ventures, Microsoft, Swisscom Ventures, Evolution Equity Partners, and Team8. This brings Ox Security’s total funding to approximately $94 million.

Company Background

Founded in 2021 by Neatsun Ziv and Lior Arzi, Ox Security operates out of New York and Tel Aviv. Both founders have a background in software and IT engineering, previously collaborating at Check Point on threat prevention solutions.

Platform Capabilities

Ox Security offers a robust platform designed for security teams and developers alike, providing tools to scan applications and secure the entire software supply chain. The platform not only models risks but also suggests corrections, enhancing code reviews and generating executive reports highlighting security breaches.

“Over the past year, AI has significantly transformed software development,” Ziv remarked. “While these tools accelerate development for both experienced developers and beginners, they often lack the critical thinking and judgment needed to catch subtle security flaws … Ox frees up developers’ time, allowing them to focus on innovation, while simultaneously improving the organization’s overall security posture.”

Current Operations

Ox Security currently analyzes over 100 million lines of code daily for around 200 clients, which include notable companies like eToro and SoFi, as well as investors such as Microsoft and IBM. The company’s client base features a diverse range of organizations, from Fortune 10 companies to small- and medium-sized businesses, military, and government entities.

Future Plans

Ziv indicated that the new funds would be allocated toward growth and expansion efforts as Ox Security seeks to capture greater market share amidst competition from firms like Snyk, Veracode, Synopsis, and Checkmarx. The startup currently generates about $10 million in annual recurring revenue, a figure Ziv anticipates will double by the end of this year. He aims for the organization to become cash-flow positive within the next 2 to 3 years.

“We want to position ourselves for long-term success and this way we can focus on scaling and reaching our bigger goals,” Ziv explained. “We’ve seen significant growth in revenue, and received offers that give us the opportunity to make a leap forward. We felt it was the right time to take this step for the company.”