Ox Security lands a fresh $60M to scan for vulnerabilities in code

As “vibe coding” gains in popularity and tech companies push devs in their employ to embrace generative AI tools, a platform that scans for vulnerabilities in AI-generated code has raised a fresh round of funding.

Ox Security, which models risk across both AI- and human-produced code, on Wednesday announced that it closed a $60 million Series B. The round was led by DTCP with participation from IBM Ventures, Microsoft, Swisscom Ventures, Evolution Equity Partners, and Team8, and it brings Ox’s total raised to $94 million.

Neatsun Ziv and Lior Arzi founded New York- and Tel Aviv-based Ox in 2021. Software and IT engineers by trade, the pair met at Check Point, where they worked on the security firm’s threat prevention product lines.

Ox’s platform, which TechCrunch last profiled in 2022, is aimed at both security teams and developers, offering tools to scan code in applications and secure a company’s broader supply chain. Ox can model threats and even recommend fixes, assisting with code reviews and generating executive reports that highlight breaches and possible reasons they occurred.

“Over the past year, AI has significantly transformed software development,” Ziv told TechCrunchw. “While these tools accelerate development for both experienced developers and beginners, they often lack the critical thinking and judgment needed to catch subtle security flaws … Ox frees up developers’ time, allowing them to focus on innovation, while simultaneously improving the organization’s overall security posture.”

Ziv claims that Ox is analyzing over 100 million lines of code daily for around 200 customers, including eToro, SoFi, and two of its investors, Microsoft and IBM.

“Our customer base spans from Fortune 10 companies to small- and medium-sized businesses,” Ziv said. “We also count military and government entities as clients, as well as federal agencies.”

According to Ziv, Ox’s new capital will be put toward growth and expansion as the 150-employee startup competes for market share against rivals such as Snyk, Veracode, Synopsis, and Checkmarx. Ox is generating around $10 million in annual recurring revenue — a figure Ziv anticipates will double by the end of the year — and plans to be cash-flow-positive within the next 2-3 years.

“We want to position ourselves for long-term success and this way we can focus on scaling and reaching our bigger goals,” ZIv said. “We’ve seen significant growth in revenue, and received offers that give us the opportunity to make a leap forward. We felt it was the right time to take this step for the company.”