Cloud security startup Oxeye emerges from stealth with $5.3 million Seed funding
The Israeli company's cloud-native application security testing solution enables customers to identify and resolve the most critical code vulnerabilities as an integral part of the software development lifecycle
Oxeye, a developer of cloud-native application security testing, has announced the closing of a $5.3 million Seed financing round led by MoreVC, a seed-stage venture capital fund in Israel. The latest round includes support from i3 Equity Partners and other cybersecurity-focused investors.
Currently in Beta, the Oxeye security testing solution is built for AppSec, Dev, and DevOps teams, helping to shift security left while accelerating development cycles, reducing friction, and eliminating risks. The Oxeye cloud-native application security testing solution aims to overcome the challenges imposed by the complex nature of modern architectures.
Oxeye co-founders Dean Agron and Ron Vider. Photo: David Garb
According to a FutureScape report by IDC, “by 2023, over 500 million digital apps and services will be developed and deployed using cloud-native approaches – the same number of apps developed in the last 40 years. Most of these will be targeted at industry-specific digital transformation use cases. This explosion of new digital apps and services will define the new minimum competitive requirements in every industry.”
While the advantages of cloud-native applications are many-fold, they present unique security challenges that until now have not been properly addressed. Containers, APIs, microservices, clusters, and other cloud-based components all comprise a large portion of cloud-hosted apps. Given the complexities of such an advanced architecture, traditional testing methodologies struggle to address security holistically for these environments.
Oxeye was founded by Dean Agron and Ron Vider, who both have over a decade of experience in application and cloud security. The new funding will be used to complete product development, increase mindshare around the company’s novel approach, and expand sales, marketing, and operations.
“Cloud-native is the de-facto standard for building new applications. This tectonic shift has a major effect on code vulnerabilities. These are no longer only flawed lines of code, but rather vulnerable flows stretching over multiple microservices and multiple infrastructure layers,” said Dean Agron, CEO and co-founder of Oxeye. “With Oxeye, developers and AppSec professionals are promised the most prominent, automated, security testing platform across all important stages of software development to ensure apps are both operationally efficient and highly secure.”
Jack Levy, Co-founder and Partner at MoreVC, added: “With modern applications entering the market by the millions, developers and AppSec professionals will require higher grade application security that presents a limited impact on DevSecOps and ensures a positive customer experience. Oxeye is on track to bring this advanced brand of security to the world.”