SUNNYVALE, CA, Insignary, the global leader in binary-level open source software security and compliance, announced today that it has secured $2 million in Series A funding.
The new funding comes from Mega Investment and Samho Green Investment, as well as additional funding from Innopolis Partners. The new funding builds on Insignary's initial seed round that occurred in 2016, making Insignary's accumulated venture funding $4 million. This advancement will enable Insignary to scale its business to meet the demand in the E.U., U.S. and Asia for businesses, managed service providers (MSP), resellers and auditors looking to capitalize on the growing security vulnerability detection market.
Insignary's software-as-a-service (SaaS) and server-based security tool, Insignary Clarity, enables proactive scanning of software binaries for known, preventable security vulnerabilities, while also identifying potential license compliance issues. Insignary Clarity uses unique fingerprint-based technology, which works on the binary-level without the need for source code or reverse engineering.
"We are very excited to welcome Mega Investment and Samho Green Investment as new investors. We also look forward to continuing our strategic relationship with Innopolis Partners," said Tae-Jin (TJ) Kang, CEO of Insignary, Inc. "Having the financial and strategic support of these sophisticated investors both validates the market opportunity and fuels our momentum as a company."
"At Innopolis, we pride ourselves on being long-term partners for the companies that we invest in. We were attracted to Insignary because they meet our criteria of having a breakthrough and innovative approach to one of the largest problems in software development and management - identifying what known software vulnerabilities exist in software," said Sang-Jeen Lee, CEO of Innopolis Partners, LLC. "Tae-Jin and the team are building an excellent business platform and security solution. We look forward to continue working with Insignary's management team as they build the company into the next dominant code scanning provider."
"The rapid adoption of open source in critical IoT, Web and Mobile Apps, Blockchain, Cloud and other fast-growth technologies makes it increasingly important to be able to identify and address known security vulnerabilities," said Dong-Hoon Kim, Executive Director at Mega Investment Corporation. "We look to invest in companies that have a unique capability to address a fast growing market. As the only fingerprint-based, binary code scanner, Insignary fits perfectly with our investment strategy."
"At SGI, our investment portfolio is strategically targeted toward companies and technologies that look to have profoundly positive impacts for humanity. One of the most beneficial is open source," said Jiyoung Tim Kang, Executive Managing Director at Samho Green Investment, Inc. "Due to the socioeconomic impact of exploited security vulnerabilities, we view our investment in Insignary as a strategic means to disrupt negative behavior and foster innovation in open source software."
Insignary Clarity enables proactive scanning of software binaries for known, preventable security vulnerabilities, while also identifying potential license compliance issues. It uses unique fingerprint-based technology, which works on the binary-level without the need for source code or reverse engineering. This makes it easy for software developers, value added resellers (VAR), systems integrators and security MSPs overseeing software deployments to take proper, preventive action before software delivery.
Insignary's Clarity is unique in that it scans for "fingerprints" from a binary to examine and then compare against the fingerprints collected from open source components hosted in numerous open source repositories. Unlike checksum or hash-based binary scanners, Clarity does not need to keep separate databases of checksum or hash values for different CPU architectures. This significantly increases Clarity's flexibility and accuracy in comparison to legacy binary code scanners.
Once a component and its version are identified through Clarity's fingerprint-based matching, comparing them to more than 180,000 known security vulnerabilities catalogued in databases such as NVD and VulnDB, is straightforward. Clarity also adds enterprise support, "fuzzy matching" of binary code and support for automation servers like Jenkins.
About Innopolis Partners, LLC.
Established in 2006, Innopolis Partners is a leading venture capital firm in Korea. The company has a competitive edge in its focus for making strategic investments in technology-oriented startups. The firm's track record of investment successes, with more than $150 million under management, led to its garnering the award for Best Venture Capitalist, by the Small and Medium Business Administration of Korea, in 2015. For more information, please visit http://www.innollc.com.
About Mega Investment Corporation
Founded in 2012, Mega Investment is committed to making a better world through investing in the products or services that can make life better for everyone. With more than $70 million under management, Mega Investment seeks to foster close partnerships with its portfolio companies. The firm invests in corporate vision and entrepreneurs, and through its deep entrepreunrial expertise, continues to support its portfolio companies. For more information, please visit http://www.megainv.co.kr.
About Samho Green Investment, Inc.
Founded in 2007, Samho Green Investment (SGI) is the first and only venture capital firm in Korea focused on the clean growth sector, including renewable energy, green and agricultural technologies. We engage in venture capital and private equity investments for mergers, acquisitions and buyouts; and conduct business and engineering consulting for our portfolio and client companies. SGI is a wholly owned subsidiary of Samho Development Group, a Korean conglomerate in operation since 1976, comprised of Samho Development Co., Ltd. (KRX-listed), Samho Resources, Inc. For more information, please visit http://www.sgivc.com.
About Insignary, Inc.
Founded in 2016, venture-backed Insignary is the global leader in binary-level software composition analysis. Through its Insignary Clarity and TruthIsIntheBinary.com software and cloud-based solutions, the company enables unmatched open source software binary scanning to uncover and address security and license compliance issues. For more information please visit www.insignary.com.
Insignary, Insignary Clarity and TruthIsIntheBinary are trademarks or servicemarks of Insignary, Inc. All other brands, trademarks or servicemarks are the property of their respective owners.
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