Burlington’s Veracode on Thursday announced $40 million in new funding to fuel the expansion of its cybersecurity software for large companies.
In an interview, chief executive Bob Brennan said the funding is expected to be the last before the firm pursues an initial public offering of stock, which could be as soon as within the next year. The company has seen its growth pick up amid an increasing frequency of breaches at major companies, he said.
The new funding was led by Boston-based Wellington Management and included other previous investors, among them .406 Ventures and Atlas Venture. Veracode has now raised $112 million since its launch in 2006.
The firm’s software-as-a-service aims to remove some of the hardest roadblocks that companies face when trying to innovate—namely, giving security clearance to new software they’d like to bring on board.
Veracode says its approach ensures that cyber attacks don’t take place through the software applications used by companies, a la Heartbleed. (Specifically, Veracode does so by scanning the applications for vulnerabilities without the need for highly-sensitive source code.)
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