Ox Security, a cybersecurity startup co-founded by Neatsun Ziv and Lior Arzi in 2021, has successfully closed a $60 million Series B funding round. DTCP partners in this impressive investment round. Other key investors include IBM Ventures, Microsoft, Swisscom Ventures, Evolution Equity Partners, and Team8. The new investment will allow the company to accelerate growth and expansion at a faster pace. That’s why they’re looking to improve their offerings in vulnerability scanning for code.
Ox is based in New York and Tel Aviv. It scans upward of 100 million lines of code per day, providing critical security services to its growing customer base, which now includes around 200 customers. Those customers include massive enterprises, like eToro, SoFi, Microsoft, and IBM as well as smaller businesses. Now with a growing workforce of just over 150 employees, Ox has carved out a position as one of the important players in the booming cybersecurity sector.
Ziv exclaimed at the transformative effects artificial intelligence has had – and will continue to have – on the world of software development. “Over the past year, AI has significantly transformed software development,” he stated. He reiterated the point that AI tools speed up development for new and experienced developers. They are limited in their ability to find deep, nuanced security vulnerabilities.
“Ox frees up developers’ time, allowing them to focus on innovation, while simultaneously improving the organization’s overall security posture,” Ziv added. This announcement further highlights Ox’s mission to improve security while maintaining or even increasing development velocity.
Now the nascent startup is pulling in about $10 million in annual recurring revenue. They’re hoping to double this by year’s end. Ziv expressed his optimism, stating, “We want to position ourselves for long-term success and this way we can focus on scaling and reaching our bigger goals.” Ox expects to become cash-flow positive in two to three years, making its claim on the market even more secure.
As Ox has grown, it has emerged into a space with notable competitive incumbents including Snyk, Veracode, Synopsis, and Checkmarx. Despite the challenges, Ziv is bullish on Ox’s novel value proposition. He remarked, “Our customer base spans from Fortune 10 companies to small- and medium-sized businesses.” This broad clientele underscores the startup’s demonstrated potential to serve various customer segments in a growing long-term market.
Leave a Reply