Code Intelligence raises €2m financing led by LBBW Venture Capital

– GERMANY, Bonn –  Code Intelligence, the Software security company has successfully completed a 2 M€ financing round led by LBBW Venture Capital alongside OCCIDENT and investiere. This new round follows a seed round in September 2018 led by High-Tech Gründerfonds alongside Digital Hub Bonn.

Code Intelligence has developed an enterprise-ready, powerful platform allowing continuous and automated dynamic application security testing during the entire software development lifecycle. Critical vulnerabilities and bugs can be identified earlier and, hence, they are substantially quicker and cheaper to fix. The company uses modern fuzzing approaches as a technological basis that can be integrated seamlessly in the daily workflow and toolchains of every software developer. For the first time, fuzzing becomes usable and can be integrated with low effort. This way, fuzzing can be utilized by every software developer and not only by security testing or fuzzing experts – or, as we call it, fuzzing for the masses.

“Our mission is to bring cutting-edge testing technologies to the mainstream. With the new funding we have the opportunity to make our testing platform even more effective and thus become an essential part of the DevSecOps landscape.”, said CEO and Co-Founder Sergej Dechand.

Since 2018, the four founders Dr. Khaled Yakdan, Dr. Henning Perl, Sergej Dechand and Prof. Matthew Smith created a thriving startup with 16 members and the vision to revolutionize the way the world tests software. The new financing will help them to provide new features for the testing platform, including a cloud-based offering, and to expand the sales and customer success efforts. So far, global companies such as Deutsche Telekom AG, Robert Bosch GmbH and Deutsche Börse AG have already placed their trust in the excellent security know-how from Bonn.

“We strongly believe in the outstanding expertise of the Code Intelligence team and their vision to substantially improve software security testing in multiple sectors e.g. IoT, automotive, fintech, healthcare, etc. Essentially, it has the potential to become a standard tool for developers”, said Andreas von Richter, Managing Director at LBBW Venture Capital.

“True to our theme tomorrow happens today, we have invested in Code Intelligence because we see CI Fuzz as an opportunity to decisively advance software development in the future”, added Michael Pauer, Investment Director at OCCIDENT.

“Cybersecurity is an investment topic that has attracted much attention recently and will only grow in importance with increasing digitalization”, said Romeo Bütler, Investment Manager at investiere.

About Code Intelligence

Code Intelligence helps companies to build secure and reliable software by automating their security testing process. The ‘CI Fuzz’ platform allows every company to benefit from the advantages of modern fuzzing. The focus on effortless usability enables security testing experts and developers alike to perform continuous automated security and reliability tests.

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About LBBW Venture Capital

LBBW Venture Capital supports brilliant entrepreneurs within the German-speaking countries (D-A-CH) to help them build B2B companies that revolutionize their field. Investment areas include digital transformation in the industry, finance, and health – as well as life science.

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OCCIDENT is an international, privately held venture capital investor with offices in Zug and Munich. The goal of the company is the sustainable and meaningful investment of its own capital in ventures whose innovations generate a positive impact for society.

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About investiere

investiere is the leading European startup investment platform. The investiere community consists of more than 4’000 qualified private investors, family offices, pension funds and corporate venture units. Since inception in 2010, investiere has invested over EUR 100 million in over 80 startups.

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About High-Tech Gründerfonds

High-Tech Gründerfonds is a seed investor that finances high-potential, tech-driven start-ups. With around EUR 900 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge almost 600 start-ups since 2005. HTGF’s focus is on high-tech start-ups in the fields of digital business models, industrial technology, life sciences, chemistry and related business areas.

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