AI security firm Semgrep secures $100M in Series D led by Menlo Ventures

On Wednesday, Semgrep, a leader in Application Security, announced a significant milestone in securing $100M during its Series D funding round. The investment was spearheaded by Menlo Ventures, with contributions from previous backers such as Felicis Ventures, Harpoon Ventures, Lightspeed Venture Partners, Redpoint Ventures, and Sequoia Capital. This latest financial infusion elevates Semgrep’s total funding to $204M.

The company’s open-source platform is designed to scan code for security, reliability, and other potential issues. Semgrep’s mission is to enhance software security and reliability by providing engineers with advanced security tools. According to customer feedback and security leaders, current code scanners are inefficient and hamper developer productivity. Semgrep addresses these concerns by enabling developers and security engineers to proactively manage security with its AppSec Platform, which is known for its high signal-to-noise ratio and prioritization, maintaining developer productivity, and providing an affordable yet effective AppSec program.

Isaac Evans, CEO at Semgrep, expressed confidence in the platform’s ability to balance security with development speed, stating, "The era of AI for security is here, and Semgrep is uniquely positioned to help organizations secure their code without sacrificing development velocity." Menlo Ventures’ Partner and new Semgrep Board Member Matt Murphy praised Semgrep’s innovative use of AI in application security, highlighting the company’s position as a market leader.

The recently launched Semgrep Assistant, which debuted two weeks ago, exemplifies the company’s AI capabilities. It acts as an autonomous AppSec engineer, integrating with an organization’s software development life cycle to identify, triage, and fix critical security issues. Moreover, the platform converts detected security bugs into secure guardrails, aiding developers in writing safer code efficiently.

Since its Series C announcement in April 2023, Semgrep has made significant strides in its technology, offering a suite of products including Static Application Security Testing (SAST), Software (ETR:SOWGn) Composition Analysis (SCA), and Secrets management. The company’s strategic growth continues with the appointment of Garrett Souza as Vice President of Sales and the addition of Mark McLaughlin, former CEO of Palo Alto Networks (NASDAQ:PANW), as an Angel Investor and Advisor.

Looking ahead, Semgrep plans to utilize the new funds to hire AI and program analysis experts to maintain its competitive edge. The company also aims to broaden its market reach beyond security professionals and enhance its Go-To-Market team with seasoned industry veterans and advisors from companies like Hashicorp, Elasticsearch, and Snyk, leveraging its unique position at the crossroads of open-source software and security.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.