Oxeye, a next-generation cloud-native application security testing has raised $5.3 million seed financing round led by MoreVC, an Israeli seed-stage venture capital firm.
The latest round of financing includes participation from i3 Equity Partners and other cybersecurity-focused investors as the company prepares to disrupt the world’s most popular Web apps.
While the benefits of cloud-native applications are numerous, they pose unique security problems that have not been well-addressed so far. The complexity and layering of attack surfaces, which are misunderstood and under-secured, require resolution.
Containers, APIs, microservices, clusters, and other cloud-based components all contribute significantly to the size and complexity of cloud-hosted applications. Due to the complexity of such an advanced architecture, typical testing approaches are unable to handle security in these systems holistically.
According to FutureScape analysis, “by 2023, approximately 500 million digital apps and services will be developed and delivered utilizing cloud-native methodologies — the same amount as in the previous 40 years.”
The majority of these will be directed at industry-specific use cases for digital transformation. This burst of new digital applications and services will establish new minimum competitive standards across all industries.”
Oxeye was founded in 2018 by Dean Agron and Ron Vider, each with over a decade of experience in application and cloud security.
The additional capital will be used to complete product development, build awareness of the company’s strategy, and scale sales, marketing, and operations.
Jack Levy, co-founder and partner at MoreVC stated “With millions of modern applications on the market, developers and application security professionals will require a greater level of security that has a negligible impact on DevSecOps and ensures a positive user experience.”
“Cloud-native development is the de facto industry standard for developing new applications. This tectonic change has a significant impact on the vulnerability of code. These are no longer isolated lines of code, but rather vulnerable flows spanning several microservices and various infrastructure levels,” explained Dean Agron, Oxeye’s CEO and Co-founder.