Threat modelling (identifying potential security threats during tech development), has traditionally been a labour-intensive, manual task involving a whiteboard or using Excel sheets. This is expensive and time-consuming for already over-stretched techies, so threat modelling is often poorly done, applied inconsistently, or dropped entirely.
The Spanish cybersecurity IriusRisk’s platform automates the process by identifying potential flaws with the help of vast libraries of known threats and countermeasures. This means massive time and cost savings for companies.
$29M Series B investment
IriusRisk, the world’s leading Open Threat Modeling platform, has raised $29 million in Series B funding. The investment round was led by cyber and deep tech investor Paladin Capital Group (which backed Decentriq), with participation from existing investors BrightPixel Capital, SwanLaab Venture Factory, 360 Capital, and Inveready.
The funding will be used for further global expansion, with a particular focus on the US and Asia Pacific markets. IriusRisk will also use the investment to grow its community platform, make key strategic hires and double down on the research and development of its industry-leading technology.
Co-founder and CEO Stephen De Vries said: “Industries such as financial services, healthcare, the public sector and many more are already performing threat modelling and now need to do it at scale. Increasing awareness and standards such as those from the NIST, OWASP Top Ten and IEC/ANSI require threat modelling as a fundamental step in building secure code. This helps to raise the profile of threat modelling overall in the industry. We have reached a tipping point, where those that fail to recognise the benefits of the technology, risk being left behind. We are delighted that our investors have seen this momentum shift and are backing us to continue to lead the threat modelling industry.”
Kenneth Pentimonti, Principal at Paladin Capital, who will join IriusRisk‘s board of directors, added: “IriusRisk’s Threat Modeling Platform is clearly making a decisive impact on product design in numerous industries. We’ve seen the move towards a wide range of verticals employing threat modelling as an essential tenet of their design process and we fundamentally believe there is huge room for growth in this sector – so much so that we have decided to lead this new round. IriusRisk has already built an impressive based of marquee customers and I fully expect this adoption to be supercharged in the coming years.”
Automated threat-modelling platform
IriusRisk was founded by Cristina Bentue and Stephen de Vries in 2015 in Spain. Infrastructure-as-code (IaC) has been made available as a component of IriusRisk‘s automated threat-modelling platform for application security.
IriusRisk helps developers, architects and security engineers to design secure software throughout the Software Development Lifecycle (SDLC) – introducing security from initial design and tracking its implementation through integrations in the development toolchain. IriusRisk’s platform meets the pressing need for software developers to ‘shift left’ when it comes to security to reduce design flaws and the associated costs.
