Source code security service provider, Lexumo received seed funding from three investors. Accomplice, DFJ Venture Capital and .406 Ventures provided $4.89 million seed funding to the company on Monday.
Lexumo was founded in March 2015 in Massachussets by trio Brad Graynor, Richard Carback, and Nathan Shnidman. The company has built a unique platform to identify and remediate software security vulnerabilities from source code used in embedded, enterprise, and cloud products.
The company provide a continuous security check to source code listed as open source. In order to do that, the company indexes all available open source code in the world and check the source code for all known security vulerabilities. The result of its security check is listed in its cloud-based security service.
Its service is very valuable for companies that plan to use a certain code inside their system, whether embedded system or enterprise software. Companies can submit the code to service provided by Lexumo, that will conduct a continuous monitoring for updates. Lexumo's analytics perform automatic massive-scalable, incredibly-fast software analysis to identify security vulnerabilities.
The founders of Lexumo, five years ago realized that open source community need an index of all open source code, so they started to build one. CEO Brad Graynor told Tech Crunch, "At that point, we had this ability to analyze the world's open source software. We iterated a lot with that. We were sitting with a hammer looking for a nail."
"It's indicative that this large market is underserved. Our technology and business model addresses an unmet need in embedded systems," Gaynor added.
PR Business Wire reported that according to industry analysts, open source software (OSS) is now used for mission-critical IT by 95% of all mainstream IT organizations, as well as in 85% of all commercial software packages. However, many vulnerable components from the Central Repository were found, which supplies widely-used shareable components of enterprise software. In 2014, a 52 millions download of those vulnerable components were reported.
Lexumo created its unique approach by combining big data analytics with software analysis techniques for the first time. This Big Code technology continuously scans hundreds of millions of lines in open source code.
Regarding Lexumo unique approach, general Partner at Accomplice Jeff Fagnan told PE Hub Network, "The Lexumo platform makes it incredibly simple for software developers to securely use open source software, raising the bar for application security."
Meanwhile Maria Cirino, Managing Partner at .406 Ventures said, "Recent research cites that security solutions for IoT are at least two years away, but Lexumo has the right technology and business model to tackle this problem today."
Lexumo will continue to expand its top-notch platform following the seed funding. Three investors has provided $4.89 million seed funding to the company.
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