Paladin Capital Group led a $29 million Series B funding round for IriusRisk, a threat modeling platform, with participation from BrightPixel Capital, SwanLab Venture Factory, 360 Capital, and Enveready. CEO Stephen de Vries stated that the funds will be used to expand IriusRrisk’s sales and marketing teams in the United States, Europe, the Middle East, and Africa.
De Vries, who previously worked as a principal security consultant at cybersecurity firm Corsaire, KPMG, and ISS, said he realized that companies were wasting resources performing security testing on software that developers didn’t design with security in mind. According to Jan de Vries, the company’s CEO, threat modeling is “now established as a required activity for secure software development.”
Users of platforms such as Amazon Web Services (AWS) CloudFormation, HashiCorp Terraform, and Microsoft Visio can import code to generate a diagram and threat model automatically. IriusRisk also has an analytics module that includes reports and logs that data analysts and scientists can use to interpret threat data from within their organizations.
Customers include six of the world’s 30 most important banks, nine Fortune 100 companies, and government and military organizations. IriusRisk claims to have more than quadrupled its partner base by 2021 and increased the number of active users on its free offering, IriusRisk Community Edition, by 120%. (to just over 5,400). “We are investing significantly in the larger threat modeling community.”It’s very common for application security or cyber security teams to adopt our software and then roll it out to the rest of the engineering organization so they can self-serve a threat modelling capability.”