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Nokod Security raises $8M to address security vulnerabilities in Low-Code/No-Code apps

NokodCoFounders, Amichai Shulman and Yair Finsi. Image credit/NOKOD

Nokod Security, a Tel Aviv-based startup, is making waves in the cybersecurity industry with its innovative application security platform for low-code/no-code custom applications and Robotic Process Automation (RPA). Founded in 2023 by industry veterans Amichai Shulman and Yair Finsi, Nokod Security is on a mission to address the pressing security vulnerabilities inherent in low-code/no-code development. With its innovational platform, Nokod aims to streamline security directly into the low-code/no-code custom application lifecycle, detecting security issues, vulnerabilities, and compliance risks while providing automatic remediation.

Discovering security issues and detecting vulnerabilities

One of the key features of the Nokod platform is its ability to discover low-code/no-code applications and reveal underlying security issues. By conducting thorough scans and assessments, the platform identifies potential vulnerabilities that may pose risks to the application and the organisation. Through its advanced algorithms and comprehensive analysis, Nokod Security empowers businesses to proactively address security concerns before malicious actors can exploit them.

Yair Finzi, co-founder and СЕО of Nokod Security, emphasised the value of their solution: “In today’s world, application development is both time-consuming and costly, exacerbated by the anticipated threefold increase in the shortage of full-time software developers by 2025. As companies increasingly turn to low-code/no-code and RPA platforms, coupled with the rise of Generative AI tools, the adoption of low-code/no-code tools is set to skyrocket. This trend can take us back to the days when everyone coded without proper security measures, leaving sensitive business and personal data vulnerable to unauthorized access. Our product ensures 100% secure citizen development within enterprises”.

Streamlining security in the application lifecycle

Nokod Security’s platform goes beyond simply identifying security issues and vulnerabilities. It seamlessly integrates security measures into the low-code/no-code custom application lifecycle, providing a holistic approach to application security. By spotlighting security issues and compliance risks, Nokod enables organisations to ensure that their applications meet the necessary security standards. Additionally, the platform offers automatic remediation, effectively mitigating risks and bolstering the overall security posture of the applications.

Riding the wave of low-code/no-code adoption

The adoption of low-code/no-code and RPA platforms has been skyrocketing in recent years, revolutionising the way applications are developed and deployed. According to industry projections, these platforms, including popular ones like Microsoft PowerApps, ServiceNow, and UiPath, are predicted to capture up to 65% of the IT market by 2024. This exponential growth in low-code/no-code adoption brings with it new challenges in terms of security and compliance.

As the low-code/no-code landscape continues to expand, so does the need for robust application security solutions. Nokod Security’s platform arrives at a pivotal moment when businesses are increasingly relying on low-code/no-code development to streamline their processes and accelerate digital transformation. By providing a thorough and specialised security solution tailored to these platforms, Nokod Security is poised to meet the growing demands of the market.

The role of generative AI and ChatGPT-like tools

Another factor driving the rapid expansion of low-code/no-code development is the emergence of generative AI and ChatGPT-like tools. These advanced technologies have the potential to hyper-accelerate the development process, enabling even individuals without extensive coding knowledge to create complex applications. While these tools offer incredible convenience and efficiency, they also introduce additional security concerns.

Nokod Security recognises the significance of these emerging technologies and their impact on the low-code/no-code landscape. By focusing on comprehensive security solutions that encompass the unique challenges posed by generative AI and ChatGPT-like tools, Nokod Security aims to stay ahead of the curve and provide organisations with the necessary safeguards to protect their applications and data.

Securing funding and expanding reach

In a significant milestone for the company, Nokod Security recently raised an impressive $8 million in a seed round of funding from renowned cybersecurity investors. Acrew Capital, Meron Capital, and Flint Capital, firms with a proven track record in the data protection and cybersecurity sectors, recognised the potential of Nokod Security’s platform and the importance of addressing the security vulnerabilities within the low-code/no-code domain.

The funds from this investment round will be instrumental in establishing a strong presence in the United States market, expanding the research and development teams, and conducting novel research into security vulnerabilities specific to the low-code/no-code landscape. With a focus on innovation and continuous improvement, Nokod Security aims to be a leading provider of application security solutions for low-code/no-code custom applications and RPA.

Mark Kraynak, founding partner at Acrew Capital, highlighted the significance of the investment, “Low-code/no-code apps are being widely deployed, but the shared security model, as in other domains, only helps customers up to a certain point, and then they are on their own. This is a huge looming security problem, and Acrew is excited to back a founding team at Nokod that can solve it.”

Liron Asrielant, Managing Partner at Meron Capital, recognised the importance of Nokod’s mission in the ever-evolving landscape of low-code/no-code development, “The growth of Generative AI tools and their expected adoption in the business environment will further accelerate the adoption of low-code/no-code development. However, there is currently no real solution to this new attack surface. Nokod has the right team to solve it at the right time.”

Sergey Gribov, Partner at Flint Capital, commended the founders’ extensive experience in web application security and their ability to cater to businesses of all sizes, “With Nokod, we are confident in their founders’ extensive experience in web application security, which is a critical factor for both small and medium-sized businesses as well as for large enterprises.”

The founders of Nokod

Behind Nokod Security’s groundbreaking platform are its founders, Amichai Shulman and Yair Finsi. With their extensive experience in the cybersecurity industry, they recognised the inherent security gaps present in the growing low-code/no-code ecosystem. Yair Finsi, a former Head of Department in an elite cybersecurity unit of the Israeli Army, brings over 15 years of expertise to the table. He co-founded and led SecuredTouch, a successful cybersecurity company that was later acquired by Ping Identity.

Amichai Shulman, on the other hand, is a cybersecurity researcher, advisor, entrepreneur, and investor with multiple successful exits under his belt. As the co-founder and former CTO of Imperva, a renowned application and data security giant, Shulman played a crucial role in pioneering web application firewall (WAF) and database security categories.

Together, Shulman and Finsi form a dynamic duo, leveraging their collective knowledge and entrepreneurial acumen to address the security challenges faced by businesses embracing low-code/no-code development.

A secure future for low-code/no-code applications

Nokod Security’s innovative platform is poised to revolutionise application security in the low-code/no-code era. By seamlessly integrating security measures into the application lifecycle, Nokod empowers organisations to safeguard their low-code/no-code custom applications and RPA platforms from potential security vulnerabilities, compliance risks, and unauthorised access.

With substantial funding secured and a team of cybersecurity experts at the helm, Nokod Security is well-positioned to make a lasting impact in the industry. As the adoption of low-code/no-code and RPA platforms continues to surge, businesses can turn to Nokod Security for a complete and tailored solution that ensures the security of their applications and data.

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