TL;DR:
- Israeli cybersecurity startup Legit Security secures $40 million in funding to protect generative AI-based applications.
- Series B funding led by CRV, with participation from Cyberstarts, Bessemer Venture Partners, and TCV.
- Total funds raised by Legit Security now amount to $77 million.
- Increased demand for cybersecurity solutions driven by businesses relying on software and shifting data centers to the cloud.
- Legit Security’s platform scans software supply chains, addressing vulnerabilities from code development to cloud deployment.
- Predictions indicate a threefold increase in software supply chain attacks by 2025.
- Startup focuses on securing AI-generated code and Large Language Models (LLMs) in applications.
- Growing adoption of AI-based code assistants raises concerns about data privacy.
- Industry leaders like Apple and Samsung restrict the use of generative AI tools to prevent data leaks.
Main AI News:
In a resounding testament to the soaring demand for innovative cybersecurity solutions, Israeli-founded startup Legit Security has successfully secured $40 million in a recent funding round. This substantial investment aims to empower businesses to fortify their generative AI-based applications against the relentless onslaught of malicious threats and security breaches.
Venture Capital Pioneers Lead the Way
This Series B funding round was spearheaded by CRV, a prominent US venture capital firm, and featured participation from an esteemed lineup of investors. Notable among them were Israeli VC fund Cyberstarts, international investment heavyweight Bessemer Venture Partners, and the illustrious Silicon Valley VC firm TCV. With this new injection of capital, Legit Security’s total funds raised to date have surged to a formidable $77 million.
Israeli Ingenuity at the Forefront of Cybersecurity
In recent times, a wave of Israeli-founded cybersecurity startups has risen to prominence, tirelessly striving to devise cutting-edge solutions to meet the rapidly evolving security requirements of businesses worldwide. This newfound interest from private investors is especially remarkable, given the prevailing global tech funding constraints.
As the modern business landscape increasingly relies on software and witnesses a paradigm shift towards cloud-based data centers, the vulnerabilities in the digital realm multiply exponentially. This relentless pace of change has created a host of unprotected attack vectors that cybercriminals are keen to exploit.
Legit Security’s Mission to Safeguard the Digital Frontier
Headquartered in Palo Alto, California, Legit Security emerged on the scene in September 2020, co-founded by CEO Roni Fuchs, CTO Liav Caspi, and VP of R&D Lior Barak, all distinguished graduates of the Israeli Defense Force’s Unit 8200. The startup has harnessed its collective expertise to craft a formidable security platform. This platform is designed to assist businesses and organizations in safeguarding their software supply chains and applications by identifying and mitigating vulnerabilities from the earliest stages of code development through to cloud deployment.
Among the distinguished clientele relying on Legit Security’s cutting-edge platform are tech titans like Google, the New York Stock Exchange (NYSE), Kraft Heinz, Takeda Pharmaceuticals, and several Fortune 500 enterprises.
The Growing Imperative of Securing Software Supply Chains
The software supply chain, comprising an intricate network of systems, infrastructure, processes, and individuals, plays a pivotal role in software development. Legit Security’s pioneering platform meticulously scans software development pipelines to detect gaps and leaks, ensuring the integrity of development infrastructure and systems. Alarming predictions from a Gartner report suggest that by 2025, approximately 45% of enterprises and organizations worldwide may fall victim to attacks on their software supply chains—a threefold increase from 2021.
Embracing AI with Caution
In a world where software development teams are increasingly turning to AI-generated code and integrating Large Language Models (LLMs) into their applications, new security challenges have arisen. Legit Security acknowledges the transformative potential of these AI technologies while remaining vigilant about the security risks they introduce.
Legit Security’s mission to secure the world’s software, encompassing everything from code to cloud, remains steadfast. CEO Roni Fuchs affirmed, “With this investment, our mission gains additional traction and speed, including new capabilities to extend visibility, security, and governance to AI-generated code and embedded Large Language Models (LLMs) in applications.”
Guarding Against Emerging Risks
The burgeoning adoption of AI-based code assistants, exemplified by GitHub Copilot and Tabnine, has permeated cloud-based development environments. However, this trend brings forth a fresh set of concerns related to data privacy and the protection of sensitive information. Notably, industry giants such as Apple and Samsung have reportedly imposed restrictions on their employees’ use of generative AI tools, including OpenAI’s ChatGPT and AI code assistants, to preempt potential breaches of private information.
Conclusion:
The substantial funding secured by Legit Security underscores the growing urgency for robust cybersecurity solutions in an increasingly software-dependent business landscape. With businesses rapidly embracing AI and cloud technologies, the need to protect software supply chains and AI-generated code has become paramount. This development signals a lucrative opportunity for cybersecurity firms to innovate and address emerging threats, ultimately reshaping the dynamics of the cybersecurity market.
