Tech
Software security startup OX Security exited stealth mode with a $34 million funding round. Check out the pitch deck it used to win the backing of Microsoft’s venture wing M12.
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- Startup OX Security has came out of stealth mode with a $35 million funding round.
- The firm aims to help firms protect against attacks on their software suppliers.
- Insider got an exclusive look at the pitch deck OX Security used to win over investors.
OX Security, a software-supply-chain security startup, recently raised $34 million in a funding round backed by Microsoft’s venture unit M12.
The security of software supply chains gained new significance in early 2020, when hackers infected IT firm SolarWinds’ software with malicious code. This enabled attacks on a host of SolarWinds clients, including the US government, Microsoft, and Deloitte.
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The hack was done stealthily and went undetected for months, leading security experts to warn that some victims may never know if they were hacked or not, the Wall Street Journal reported.
The fallout prompted President Joe Biden to issue an executive order requiring software firms to provide clients with a checklist of components in their products, which would make it easier to clients to figure out if they were vulnerable to attack.
Within a year of the executive order, Israeli entrepreneurs Lior Arzi and Neatsun Ziv founded OX Security, a platform enabling sellers to record and monitor the development of their software from beginning to end.
The firm has developed its own security standard, the “PBOM” (pipeline bill of materials) which it says is legally compliant, and goes further than Biden’s executive order, giving clients oversight of software source code, artifacts, runtime assets, and applications.
Alongside M12, OX also won investment from Dice backer Evolution Equity Partners, Team8, and Rain Capital. Clients include video cloud platform Kaltura and commerce platform Bloomreach.
Insider got an exclusive look at the pitch deck OX Security used to bring investors on board. Check it out below: