In a significant move to bolster software supply chain security, OX Security has successfully closed a $60 million Series B funding round. This round was led by DTCP, with notable participation from IBM Ventures, Microsoft, Swisscom Ventures, Evolution Equity Partners, and Team8, bringing the company’s total funding to $94 million.
Founded in 2021 by Neatsun Ziv and Lior Arzi, both former executives at Check Point, OX Security has rapidly emerged as a leader in application security posture management (ASPM). The company’s platform offers comprehensive tools designed to scan code within applications and secure the broader software supply chain. By modeling potential threats and recommending fixes, OX assists in code reviews and generates executive reports that highlight breaches and their possible causes.
The rise of generative AI tools in software development has introduced new challenges, particularly in identifying vulnerabilities within AI-generated code. OX Security addresses this by analyzing over 100 million lines of code daily for approximately 200 customers, including prominent names like eToro, SoFi, Microsoft, and IBM. The platform’s ability to scrutinize both AI- and human-produced code ensures a robust security posture for organizations.
The recent funding will be utilized to accelerate OX Security’s growth and expansion efforts. With a current team of 150 employees, the company aims to double its annual recurring revenue, which stands at around $10 million, by the end of the year. Additionally, OX plans to achieve cash-flow positivity within the next two to three years.
OX Security’s innovative approach has garnered significant recognition in the cybersecurity industry. In 2024, the company was named Application Security Company of the Year at the CyberSecurity Breakthrough Awards, highlighting its commitment to securing the entire software supply chain. ([ox.security](https://www.ox.security/ox-security-wins-application-security-company-of-the-year-at-cybersecurity-breakthrough-awards-2024/?utm_source=openai)) Furthermore, OX was included in the Cyber 60 list by Fortune and Lightspeed Venture Partners, recognizing it as one of the fastest-growing, venture-backed companies in cybersecurity. ([ox.security](https://www.ox.security/ox-security-named-to-lightspeed-and-fortune-cyber-60-list-of-top-vc-backed-early-growth-cybersecurity-companies/?utm_source=openai))
The company’s strategic partnerships have also played a crucial role in its growth. In August 2023, OX Security received a strategic investment from IBM Ventures, signaling a collaborative effort to enhance software supply chain security. This partnership aims to advance the adoption of DevSecOps practices and integrate OX’s solutions with IBM’s offerings. ([prnewswire.com](https://www.prnewswire.com/news-releases/ox-security-receives-strategic-investment-from-ibm-ventures-to-supercharge-software-supply-chain-security-301900930.html?utm_source=openai))
In May 2023, OX Security launched OX-GPT, the first ChatGPT integration aimed at improving software supply chain security. This innovative feature provides developers with customized fix recommendations and code snippets, significantly reducing remediation times and enhancing the overall security posture of applications. ([wcia.com](https://www.wcia.com/business/press-releases/cision/20230517LN01948/ox-security-launches-ox-gpt-appsecs-first-chatgpt-integration/?utm_source=openai))
As OX Security continues to expand its offerings and partnerships, the company remains focused on providing comprehensive solutions to address the evolving challenges in software supply chain security. With the latest funding, OX is well-positioned to further its mission of securing modern software development processes against emerging threats.
