DEVOPSdigest

ShiftLeft announced an additional $29 million in funding from cybersecurity-focused investor SYN Ventures and Blackstone Innovations Investments with participation from existing investors.

The funding will be applied to accelerate product development, marketing and sales efforts. As part of the expansion capital funding, SYN Managing Partner Jay Leek will join the ShiftLeft Board of Directors.

The expansion capital comes at a period of unprecedented growth for the company while earning a Gross Retention Rate of 97% and Net Retention Rate of 143% driven by strong customer embrace of the product.

“Our customers are voting with their scans,” says Manish Gupta, CEO and Co-Founder of ShiftLeft. “Most are running three times as many static analysis scans with ShiftLeft as compared to last year. Just as important, we are seeing our footprint rapidly expand inside these organizations as more AppSec and development teams successfully collaborate to shift security left.”

As part of the expansion round, ShiftLeft will aggressively scale all job functions with new hires across all departments. To lead this rapid talent growth, ShiftLeft has promoted Carl Elsinger to the new VP of Sales, Arun Balakrishnan to VP of Product and Customer Success and Davy Hua to VP of Operations. “Promoting internally is in our DNA and it's a key part of how we reward high performance,” says Gupta. Alongside these internal hires, Robert Rea joins ShiftLeft as VP of Engineering from Armor Code Cloud Security.

ShiftLeft will also expand its product capabilities to incorporate fast growing cloud native architectures. Enhancing cloud native capabilities will expand the potential customer footprint and allow ShiftLeft to provide application security solutions for organizations running Kubernetes and other container-based application architectures. “When all the market signals are pointing up and to the right, investing in product, sales and marketing can yield outsized dividends,” says Gupta. “We are fortunate to have long-term investors and we look forward to a year of rapid growth and product development.”