Nullify co-founders Tony Mao, Shantanu Kulkarni, and Tim Thacker.Source: Disable
Australian cybersecurity AI startup Nullify has secured $5.2 million in seed funding for its security bot. This round was first reported by daily startup, led by Two Sigma Ventures and Root Ventures. This follows a $1.1 million pre-seed round in 2023.
The company was founded by Shantanu Kulkarni, Tim Thacker and Tony Mao, who previously developed and taught cloud cybersecurity at the University of New South Wales (UNSW). My professional experience in cloud security roles in the finance, health insurance, and technology sectors exposed me to the ongoing challenges of secure software development.
Nullify's security bot helps software developers and security teams identify and resolve security vulnerabilities in their code. This tool is built directly into your workflow and scans your code for vulnerabilities every time it is updated. We also use AI to fix any issues we find.
Nullify uses a combination of open source resources and generative AI to identify, prioritize, and remediate security flaws.
Nullify is already being used in early access by enterprises and scaleups around the world, with public availability scheduled for the end of June as part of NY Tech Week.
Tony Mao, co-founder of Nullify, said: “Our Annual Recurring Revenue (ARR) has already tripled since our inception, even before we launched a generally available product, and Nullify’s annual recurring revenue (ARR) has already tripled since our inception. “Demand is growing very quickly.” Smart company.
“This is interesting, but it also means we need to build products faster and hire to meet demand. We will train AI security engineers to help understaffed security teams in 2020 resolve security issues in one-tenth of the time.”
During the company's pre-seed round in mid-2023, Nullify co-founder and CEO Shantanu Kulkarni spoke about the increased pace at which developers are expected to push code and that He emphasized the burden placed on security teams to maintain software security.
“Nullify is built for security teams as well as organizations that want to empower developers to own the security of the software they build,” Kulkarni said in 2023.
“By leveraging both open source tools and generative AI, Nullify helps developers discover, prioritize, and remediate security vulnerabilities, saving them weekly time on security tasks and reducing the time they spend building software. You’ll have more time to spend.”
According to Nullify, we are at a pivotal time for cybersecurity, highlighted by recent large-scale cyber attacks and new national cybersecurity regulations introduced by the Australian government.
These regulations are estimated to cost the industry up to $9 billion and reflect the growing need for advanced security testing capabilities to address the evolving cyber threat landscape.
And money is flowing in that direction, too. In addition to Nullify's latest capital injection, we've also seen that in recent weeks with his $156 million raise for Bugcrowd. CEO Dave Gerry noted that supply chain risks will be under the microscope throughout 2024.
Nullify's focus is on reducing the risks associated with software supply chain vulnerabilities and providing businesses with proactive solutions to detect, prioritize, and remediate potential security issues. We are aiming for
