Ox Security Raises $60M to Secure AI-Generated Code

Ox Security Secures $60M to Enhance AI Code Security Platform

Ox Security, a platform specializing in identifying vulnerabilities in both AI-generated and human-written code, has announced a $60 million Series B funding round. This latest investment, led by DTCP with participation from IBM Ventures, Microsoft, Swisscom Ventures, Evolution Equity Partners, and Team8, brings Ox Security's total funding to $94 million.

Founded in 2021 by Neatsun Ziv and Lior Arzi, Ox Security aims to empower security teams and developers with tools to scan application code and secure the software supply chain. The platform models threats, recommends fixes, assists with code reviews, and generates reports highlighting breaches and their potential causes.

AI-Driven Code Security in the Spotlight

The rise of AI in software development has created new security challenges. "While AI tools accelerate development," explains Ziv, "they often lack the critical thinking needed to catch subtle security flaws." Ox Security addresses this gap, freeing developers to focus on innovation while strengthening security.

Ox Security currently analyzes over 100 million lines of code daily for approximately 200 customers, including eToro, SoFi, Microsoft, and IBM. The company serves a diverse clientele, ranging from Fortune 10 companies to small and medium-sized businesses, as well as government and military entities.

Funding to Fuel Growth and Expansion

This new funding will support Ox Security's growth and expansion plans as it competes with companies like Snyk, Veracode, Synopsis, and Checkmarx. With annual recurring revenue of around $10 million, Ox Security projects this figure to double by year-end and aims to achieve cash-flow positivity within the next 2-3 years.

"We want to position ourselves for long-term success and focus on scaling and reaching our bigger goals," says Ziv. "This funding allows us to take a leap forward."

The company previously raised $34 million in seed funding in 2022. You can read more about that in the previous TechCrunch article.