Socket Accelerates Open-Source Security With $40M Series B
Socket, a San Francisco-based software security startup has secured $40 million in Series B funding.
What’s happening:
- Following its $20 million Series A round in August 2023, Socket has now raised an additional $40 million in Series B funding led by Andreessen Horowitz. The fresh capital will fuel the expansion of Socket’s open-source cybersecurity platform, which detects threats in software dependencies.
Why it matters:
- Open-source software is an important part of modern technology infrastructure but the rapid adoption of open-source components makes it vulnerable to dependency attacks. With the new funds, Socket has the resources to scale its security solutions.
- Socket’s solutions help developers catch threats early, preventing costly breaches and securing a critical aspect of software development.
Socket’s strengths:
- Uses AI to analyze software dependencies, allowing the platform to effectively identify vulnerabilities and prevent zero-day supply chain attacks.
- Socket's platform is designed to continuously monitor open-source packages for threats, allowing it to detect and block malicious behaviors such as malware, backdoors, and typo-squatting in real time.
- The platform is tailored for developers, allowing them to integrate security measures into their workflows without affecting speed or efficiency.
By numbers:
- Founded in 2020, the company expanded from 5 employees to 32 and aims to reach 100 within a year.
- The startup secured $20 million in a Series A round in August 2023 and a $40 million Series B in 2024.
- It is anticipated to grow revenue by 400% in 2024.
What next:
- Socket plans to use its funding to hire more engineers, product people, designers, and salespeople and try to deliver its roadmap faster for its customers. It looks to expand its workforce from 32 to 100 employees.
- It will use investor networks, like Andreessen Horowitz and Abstract Ventures, to grow more efficiently and extend market reach.
- The company aims to develop more features tailored to enterprise needs while continuing to refine its platform's capabilities in response to evolving software threats.
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