ArmorCode announced a $40 million preemptive Series B on December 4, 2023, led by HighlandX, bringing its funding to $65 million at the time. The application-security company said it would use the capital to expand its product, engineering and go-to-market efforts. In March 2026, ArmorCode announced another $16 million in strategic funding, taking its reported cumulative total to $81 million.
What ArmorCode raised in December 2023
The $40 million round was led by HighlandX, with participation from NGP Capital and existing investors Ballistic Ventures, Sierra Ventures and Cervin Ventures. HighlandX Managing Partner Corey Mulloy joined ArmorCode’s board. The company called the financing a preemptive Series B; the announcement did not describe it as a conventional, broadly marketed fundraising process.
ArmorCode reported that the round brought total funding to $65 million. That figure describes the company’s funding immediately after the December 2023 announcement, not its current total.
What ArmorCode’s platform does
Security teams often use separate scanners to identify risks in source code, open-source dependencies, containers, cloud configurations, infrastructure and software supply chains. Findings can be duplicated across tools, scored differently and difficult to assign to the engineering team responsible for fixing them.
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ArmorCode’s platform is designed to sit across those tools: collect and normalize findings, correlate duplicates, prioritize issues using risk context, and coordinate remediation workflows between security and development teams. It is a management and orchestration layer, not necessarily a replacement for the scanners generating the findings.
At the time of the Series B, ArmorCode described its offering in terms of Application Security Posture Management (ASPM), risk-based vulnerability management and software-supply-chain security. Its 2023 announcement said the platform integrated with more than 200 security tools. The company’s current platform page describes a broader Unified Exposure Management approach and claims more than 375 integrations, along with a “Context Risk Graph” that connects findings to assets, ownership, business context and attack paths. These integration and capability descriptions are company claims, not independent performance assessments. ArmorCode’s 2023 funding announcement and its current platform page describe the products at those respective dates.
Why investors backed the company
ArmorCode said its annual recurring revenue had grown more than 400% year over year in the year before the Series B and reported 130% net revenue retention. It also cited Fortune 500 customers. These are company-provided private-company metrics, not audited public-company results.
TechCrunch reported at the time that ArmorCode had about 110 employees and described its customer base as dozens of large enterprises. The company’s reported traction offered investors a case that organizations were willing to pay for a cross-tool security layer as their application portfolios and security-tool stacks grew more complex. It does not, by itself, establish the platform’s effectiveness or prove that its growth would continue.
ArmorCode was founded in July 2020 by CEO and co-founder Nikhil Gupta, who had previously co-founded Avid Secure, acquired by Sophos in 2019, according to TechCrunch. The company emerged from stealth in May 2021 with $3 million in seed funding led by Sierra Ventures, then announced a $14 million Series A in November 2022. The Series A brought the reported total to $25 million.
| Date | Funding milestone | Reported total after round |
|---|---|---|
| May 2021 | $3 million seed round | $3 million |
| November 2022 | $14 million Series A | $25 million |
| December 2023 | $40 million preemptive Series B | $65 million |
| March 2026 | $16 million strategic funding | $81 million |
The earlier funding details appear in the company’s seed announcement and Series A announcement. The 2023 figures and contemporaneous staffing context were also reported by TechCrunch.
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How ArmorCode planned to use the money
ArmorCode said it would put the Series B toward hiring, product and engineering investment, go-to-market expansion, international growth, partner relationships, artificial intelligence and software-supply-chain security. It said it planned to grow headcount by 30% over six months. TechCrunch separately reported a company plan to increase the workforce by roughly 20% by the end of 2023. Those are differently framed targets, not interchangeable measures of hiring completed.
The use-of-funds announcement described priorities, not verified outcomes. The subsequent expansion of ArmorCode’s product positioning into AI exposure and agentic AI security is reflected in the company’s March 2026 funding announcement, but the announcement alone does not establish how effectively those capabilities work in customer environments.
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How the product fits—and where buyers should look closely
ASPM platforms aggregate and operationalize application-security findings. Vulnerability-management products may cover a broader range of assets and infrastructure. Code, dependency and supply-chain scanners identify particular classes of problems, while DevSecOps tools connect security checks to software delivery. These categories overlap, and ArmorCode’s product scope has widened over time; it is more accurate to see it within an overlapping ecosystem than as the sole platform in a settled category.
ArmorCode may be relevant to enterprises with many scanners, applications and engineering groups that want to preserve existing tools while improving inventory, prioritization, ownership and remediation tracking. A smaller team with one scanner may have little need for another platform layer. Buyers should weigh the benefit of cross-tool coordination against the cost and work of deploying, integrating and governing an additional system.
Before evaluating a platform like this, buyers should test whether it:
- Deduplicates findings across scanners and handles conflicting severity ratings consistently.
- Uses reliable asset ownership, business criticality, exploitability and reachability context—or requires teams to maintain that information manually.
- Records accepted risks, exceptions, compensating controls and false positives in a way teams can audit.
- Connects to existing developer workflows and ticketing systems so teams can act without constantly switching tools.
- Alerts administrators when an integration stops reporting or a scanner API changes.
- Provides clear controls for AI-assisted triage or remediation, including explainability, data handling and approval before changes are made.
- Fits the organization’s deployment, support and data-retention requirements, as well as its budget model.
ArmorCode does not publish standard list pricing on its public product and demo pages; prospects are directed to a sales-led evaluation. Its demo page is the published buying route. No public price should be inferred from the funding announcement.
Competition also depends on what a buyer needs. TechCrunch identified ProjectDiscovery, Socket and Legit Security as companies addressing adjacent security problems, while cautioning that claims of a uniquely enterprise-scale platform were debatable. Legit Security focuses on application and software-supply-chain security; Socket emphasizes open-source and supply-chain risk; and ProjectDiscovery is oriented toward discovery and security testing. These are overlapping alternatives, not exact substitutes for every ArmorCode use case.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.ArmorCode’s funding after the Series B
In March 2026, ArmorCode announced $16 million in additional strategic funding led by Cheyenne Ventures, bringing its reported cumulative funding to $81 million. The company tied the financing to expansion into AI-exposure management and agentic AI security. That later round makes the 2023 Series B an important earlier milestone rather than the latest account of ArmorCode’s funding or product direction. The March 2026 announcement provides the company’s update.
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