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ReversingLabs, a Cambridge, Massachusetts-based cybersecurity company developing threat detection and analysis solutions, has raised $56 million in series B funding round led by Crosspoint Capital Partners, with participation from ForgePoint Capital and Prelude. Cofounder and CEO Mario Vuksan says the fund, which bring the company’s total raised to $81 million, will be put toward scaling its sales and marketing efforts as it expands its global reach.
Over the past year, there have been several high-profile incidents in which attackers have attempted to compromise enterprises through the software supply chain. According to a recent Anchore survey, 64% of companies were affected by.a supply chain attack in 2021 and 60% have made securing the software supply chain a top 2022 priority. The attacks highlight the need for controls that can help validate the integrity of software and its components through the development, deployment, and adoption lifecycle.
ReversingLabs, which was founded in 2009 by Mario Vuksan and Tomislav Pericin, aims to combat the growing threat with static analysis and file reputation services that provide visibility into malware and its location. The platform analyzes file and binary-based threats emerging from the web, mobile, email, cloud, and app development across industry verticals like software, financial services, defense, retail, and insurance.
“The level of sophistication and complexity in today’s cybersecurity attacks means that enterprises can no longer assume that software products from their providers are safe,” CrossPoint managing partner Dr. Hugh Thompson said in a press release. “ReversingLabs provides a proactive and transparent approach to understanding the threats that exist within software even in cases where you don’t have access to source code.”
At the core of the ReversingLabs platform is the “Titanium” engine, an AI system that harvests thousands of file types and continuously monitors an index of over 10 billion files for future threats. The system unpacks files in the underlying object structure — down to embedded executables, libraries, documents, resources, and icons — and maps “human-readable” indicators to classifications. Security analysts get threat intelligence that they can use to prioritize threats, while threat intelligence and hunting teams get a workbench for deep file analysis, ostensibly enabling them to accelerate investigations.
“Every organization, whether an integrated software vendor developing software or an enterprise procuring or using software, needs controls to manage the software supply chain attack surface,” Crosspoint managing partner Greg Clark said in a statement. “This attack surface is nuanced, and traditional approaches like source code scanning are insufficient. Every part of the code, compile, build and deploy cycle needs to be checked. ReversingLabs is a great ally in the fight against these threats. Their solution is unique, very hard to replicate, and immensely valuable.”
ReversingLabs competes in a cybersecurity market anticipated to be worth $170.4 billion in 2022, according to Gartner. But the company claims to have made inroads, nabbing customers that include four of the top six software companies and two of the top five defense and aerospace firms. It also counts SolarWinds, the IT monitoring and management firm at the center of the widespread U.S. federal government hack earlier this year, as a partner.
“As an element of our Secure By Design initiatives, we’ve applied maximum attention to protecting the integrity of our software development and deployment pipeline from even the most determined and sophisticated attackers,” SolarWinds president and CEO Sudhakar Ramakrishna said in a statement. “We are working to help establish new standards for secure software development in the industry, and ReversingLabs has since become an important part of our overall efforts.”
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