Oxeye, a technology innovator in cloud-native application security testing, has raised USD 5.3 million in a seed funding round led by MoreVC on 2 November 2021.
Investors: MoreVC, a seed-stage venture capital fund in Israel, led the latest funding round with participation from i3 Equity Partners and other cybersecurity-focused investors as the startup prepares to protect the world’s most popular Web applications with next-generation cloud-native Application Security Testing.
The Objectives behind the funding: The company plans to deploy the current proceeds to complete product development, raise mindshare around the company’s novel approach, and expand sales, marketing and operations.
Founded in 2021 by Dean Agron and Ron Vider, Oxeye provides a cloud-native application security testing solution designed specifically for modern architectures. The startup enables customers to identify and resolve the most critical code vulnerabilities as an integral part of the software development lifecycle, disrupting traditional application security testing (AST) approaches by providing an effortless, contextual, and comprehensive solution that ensures no vulnerable code ever reaches production. Presently in Beta, the Oxeye security testing solution is built for Dev, AppSec, and DevOps teams, aiding to shift security left while accelerating development cycles, eliminating risks, and reducing friction.
What the Founder has to say:
“Cloud-native is the de-facto standard for building new applications. This tectonic shift has a major effect on code vulnerabilities. These are no longer only flawed lines of code, but rather vulnerable flows stretching over multiple microservices and multiple infrastructure layers.” said Dean Agron, CEO and Co-founder, Oxeye. “With Oxeye, developers and AppSec professionals are promised the most prominent, automated, security testing platform across all important stages of software development to ensure apps are both operationally efficient and highly secure.”
What the Investors have to say:
“We are thrilled to add Oxeye to our growing successful cybersecurity portfolio. The founding team at Oxeye brings together a rare combination of deep expertise and youthful daring and has developed an elegant solution for cloud-native application security,” said Jack Levy, Co-founder and Partner at MoreVC. “With modern applications entering the market by the millions, developers and AppSec professionals will require higher grade application security that presents a limited impact on DevSecOps and ensures a positive customer experience. Oxeye is on track to bring this advanced brand of security to the world.”
“Oxeye solves the challenges legacy application security testing tools present in modern software environments, and it is an honor to be an investment partner of such an innovative solution,” said Noga Kap, Managing Partner at i3 Equity Partners.
“Oxeye’s laser focus on the cloud-native sector of Application Security Testing (as opposed to traditional AST) gives the company a unique advantage in one of the fastest-growing areas of technology,” said Michael Sutton, former ZScaler CISO and now Investor and Advisor. “With successful cyberattacks costing millions to application providers, the revenue opportunity for Oxeye is quite significant. We are pleased to support this promising industry player.”
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