It is said that in the crowded Israeli cyber world you will almost always find at least two companies competing head to head for every security category. Such a situation also occurs when it comes to a relatively new category of security that has not even won a category with the research company Gartner, authority in the field, such as software supply chains. This area includes security of everything involved in the software development process.
The Israeli company Cycode is active in this field, raising $ 81 million to date, and now the start-up has been exposed to Legit Security for the first time, having already raised $ 30 million. While Sequod’s first investor is YL Ventures, Legit has received its first investment from the CyberStarts Fund, led by Gili Raanan.
The two leading Israeli cyber funds often support competing companies in the same field, with the best-known example being the cloud security companies Orca Security (whose first investor was YL) and Wiz (which received its first investment from CyberStarts).
There have been a number of other Israeli players that have already been acquired in this world, such as Bridgejacko, which was acquired by Palo Alto Networks; And an organization, acquired by Aqua Securoti and Spectral, bought this month by Check Point. Each of these takes a slightly different angle to the new realm.
The field of software supply chains has gained momentum following the CyberWinds cyber attack, which was uncovered in late 2020 and is defined as the most severe in U.S. history. The periodic software update it sent to its customers, which raised the need for a “Shift Left”, which means starting the security process while still in development.
Legit Security was founded in September 2020 by Roni Fox (CEO), Liav Caspi (VP of Technology) and Lior Barak (Vice President of Research and Development). The three recognized permanent service at 8200 and collaborated with an earlier start-up in the field of open source security called Lumobit, which is rapidly merging into the Israeli cyber company Checkmarks. In the lime round, it raised $ 3.5 million from CyberStarts, and two months ago, the company completed a $ 26.5 million round of funding, led by the Bessemer and TCV funds.
There are scanners on the market that detect security vulnerabilities in code written by developers. A famous company in this field is the Israeli Scenic. But Jet comes to complement products like Scenic’s, securing the entire development process and the components and infrastructure involved, such as servers or software. The company identifies the components involved in the process such as servers, warns of security issues such as a hacked server and allows the organization to define and enforce security policies on the entire end-to-end development process.
Jit Security works with corporations, and has dozens of paying customers who have joined since releasing its first version six months ago, but it does not reveal names. The company employs 45 people, 30 of them in Israel.