The round was led by Ballistic Ventures. Previous investors joined the round along with industry leaders such as John Donovan, the former CEO of AT&T Communications and Board Member of the Palo Alto Networks, Oliver Friedrichs, founder and former CEO of Phantom Cyber (acquired by Splunk), and John Jack, current Board Member of Contra Security and Illumio.
Our journey with ArmorCode started in late 2021 when we invested in their Seed round of funding. When we met Nikhil Gupta and Anant Misra, the founders of ArmorCode, we quickly realized that they were uniquely skilled to help improve application security posture by making it easy for AppSec teams and developers to identify, understand, and fix code flaws faster. Serial entrepreneurship experience combined with a team that was passionate about solving the AppSecOps challenges by putting security leaders' interests first, made them stand out in our eyes.
Since the time of the Seed round, they have grown their revenue at a rapid pace, hitting seven digit revenues within the first financial year and revenues doubling quarter over quarter in the recent quarter. They have established a strong presence in the AppSecOps market and have grown the team effectively. We are pleased that Ballistic Ventures believed in the founders and the company and have led the round.
We are proud to participate in this new round of financing and look forward to what the future holds for the company as they expand their vision to democratize application security, and help build the most secure software possible and do it fast—no matter where it is built, how it is built, or who builds it.