Goldman Sachs leads $47.6m funding in cybersecurity startup Secure Code Warrior

Cybersecurity in the Ministry of Defence, UK. Credit: Flickr/UK Ministry of Defence

Wall Street bank Goldman Sachs Group Inc has anchored the $47.6-million Series B funding in Australian cybersecurity startup Secure Code Warrior, in what is touted as the largest-ever US investment for a cybersecurity business in Australia, according to a company announcement.

Existing investors AirTree Ventures and Paladin Capital Group and new investors ForgePoint Capital and Cisco Investments also participated in the funding round that will finance Secure Code Warrior’s global expansion initiatives, ongoing product innovation, and the establishment of new operations in the US and Singapore.

The funding round followed Secured Code’s $3.5-million Series A funding in 2018, which was backed by Paladin Capital Group and AirTree Ventures. Its seed round in 2017 was led by London-headquartered NCSC Cyber Accelerator

Founded in 2015 by Pieter Danhieux and Matias Madou, Secure Code Warrior provides an online secure coding platform that supports nearly 30 programming languages and frameworks. It delivers more than 3,500 training modules that cover more than 140 different software weaknesses.

The founders said security breaches resulting from previously known software vulnerabilities continue to rise as organisations around the world increase their reliance on software. These breaches impact both individuals and organisations. This situation has to stop, according to Danhieux.

“Secure Code Warrior’s vision is to make developers the first line of defence by making security highly visible and providing them with the skills and tools needed to write secure code from the beginning,” he added.

The startup said its platform uses a mix of gamification techniques to aid learning and increase adoption across an organisation. It supports both modern and legacy softwares that are in use by major companies around the world.

Goldman Sach’s interest in Secure Code Warrior comes as the Australian cybersecurity industry is valued at $4.1 billion, according to CyberCX. Meanwhile, the global market reached $116.5 billion in 2018 and is growing at an 11-per cent CAGR in the 2019-2025 period, according to a report by Grand View Research.

In October, Australian private equity firm BGH Capital backed the formation of CyberCX, which is consolidating 12 local cybersecurity brands to create Australia’s largest, dedicated cybersecurity organisation.

The brands are Alcorn, Assurance, Asterisk, CQR, Diamond, Enosys, Klein&Co., Phriendly Phishing, Sense of Security, Shearwater, TSS and YellIT. More organisations will be announced in the near future.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.