|By Business Wire||
|June 11, 2014 07:05 AM EDT||
SourceClear, the company creating a modern software security platform for developers, today announced it has closed $1.5 million in seed funding for the SourceClear platform, which is turning traditional software security inside-out. With general availability in the coming weeks, SourceClear empowers developers with the intelligence to make smarter decisions while they’re building software, ensuring organizations gain complete visibility across their software portfolios. The platform integrates directly into established development tools, is armed with machine-learning capabilities and leverages ‘big data’ analytics.
“Developers are literally the only people who can solve the epidemic in software security,” said SourceClear Founder and CEO Mark Curphey. “Traditional security tools were built for security and IT people, and there has been poor adoption and high degrees of friction from developers. With the cloud, agile, open-source, mobile, devops, big-data, artificial intelligence and social platforms, developers are changing the world faster than ever before and security tools simply haven’t kept up. We are changing that. Developers love us, and our early funding is a strong vote of confidence in our vision.”
Solving Security Problems at Their Source
SourceClear’s first product helps organizations identify which components they are using across their software portfolio, where they come from, what they do and which ones have security issues. They then help developers fix the issues and stay protected against new threats.
Up to 80% of the source code in modern applications originates from reusable and open-source development frameworks and libraries. Hackers have learned to analyze and exploit these components giving them access to far more data than hacking systems one-by-one. Hackers and governments are known to have modified open-source libraries which are then innocently installed by developers creating backdoors and vulnerabilities that can be exploited at will.
“Developers are the ones burdened with security failures,” said Frank Marshall, former VP of Engineering at Cisco Systems Inc. “By operating within developers’ workflows and helping them find and fix issues in real-time, SourceClear is addressing the biggest security vulnerability: The inability of organizations to distribute the right information to the right people at the right time.”
SourceClear Secures A-List of Angel Investors
The SourceClear seed funding round is led by a group of world-class angel investors including Justin Somaini, Chief Trust Officer at Box.com; Frank J. Marshall, former VP of Engineering at Cisco Systems Inc.; Amos Michelson, Chairman of Kardium; and Mary Cirillo, board member at Thomson Reuters (TRI).
Founded by security veterans from Microsoft (MSFT), Charles Schwab (SCHW) and Foundstone / McAfee (MFE), SourceClear’s over-subscribed seed round reflects strong interest in the company’s initial products, traction from early adopters and the upcoming product portfolio. CEO and Founder Mark Curphey also founded OWASP, headed the software security program at Charles Schwab, led the information security tools team at Microsoft and was the Product Unit Manager for the Microsoft Developer Network (MSDN).
Boasting a track record of working with successful security and enterprise companies, angel investors include:
- Justin Somaini, Chief Trust Officer, Box.com; former CSO at Yahoo! (YHOO), Verisign (SYMC) and Symantec (SYMC);
- Frank J. Marshall, former Vice President of Engineering at Cisco Systems (CSCO), director on numerous boards, including Juniper Networks (JNPR), Aerohive Networks (HIVE) and InfoBlox (BLOX) and former Chairman Netscreen Technologies (NSCN). Successful security seed investments include MobileIron and SourceFire;
- Amos Michelson, chairman of Kardium, former CEO of Creo and CEO of Opal Inc.; former Ernst & Young Entrepreneur of the Year;
- Mary Cirillo, Member of the Board at Thomson Reuters, former Cisco board member;
- Seattle-based Kinzer Capital;
- London-based Realise Capital Partners;
- A private investment syndicate based in Tel-Aviv and Silicon Valley.
SourceClear’s world-class advisory board includes Box.com Chief Trust Officer Justin Somaini, privacy expert and author Siobhan MacDermott, CrowdStrike CEO and former McAfee global CTO George Kurtz, software security expert John Viega and user experience expert Charlie Claxton.
At SourceClear, we believe that security must be built-in—by developers themselves, in real time, as they create applications. We’re the only company on the planet 100% dedicated to building security tools for software developers. Tools they love to use. Tools they actually use. Find out more at https://sourceclear.com.
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