WALTHAM, Mass. – September 16, 2008 – Ounce Labs, the industry leader in enterprise security source code analysis, today announced it has secured $7.5 million in funding led by venture capital firms Greylock Partners and Commonweath Capital Ventures. Ounce Labs will use the funds to optimize the company’s operations in order to accelerate market awareness of the widespread security problems that demand a focused software solution.
“Application security is an enormous problem being faced by companies of all sizes. Certain vulnerabilities can only be identified and properly evaluated with source code scanning.” said Gary Jackson, CEO and president of Ounce Labs. “With this new financing, we will establish a viral community dedicated to removing many of the most attractive targets for the bad guys, and to do it in a way that every organization can understand and use. Our mission is to ensure that this year, every company will have access to these tools and will be able to afford, deploy, and capitalize on them.”
Ounce Labs’ enterprise source code analysis technology, in use by many Fortune 500 companies, and leading Ecommerce, and Financial Institutions, helps to drive the elimination of business-critical software vulnerabilities across a broad portfolio of applications.
“With industry analysts predicting significant growth for application security over the next few years, Ounce Labs is well positioned to take advantage of the maturing market,” said Tom Bogan, Partner, Greylock. “Ounce Labs has built great momentum in a very short period of time and its success, along with visionary management, and a strong intellectual property position gives us the confidence to stand behind their growth strategy.”
Ounce Labs’ funding comes amid several recent corporate and product milestones, including:
“This is a very exciting time for the company as we focus on preparing for the next stage of growth,” said Jackson. “With rapid customer traction, there is immediate urgency for us to expand quickly to meet new demand and this funding will help to take the company to the next level.”
About Ounce Labs, Inc.
Ounce Labs’ industry-leading enterprise security source code analysis solutions enable organizations to analyze their applications to identify, prioritize and eliminate software security vulnerabilities. Ounce delivers the enterprise-scale features that empower analysis across a wide portfolio of applications, with patented code analysis technology pinpointing confirmed vulnerabilities at the line of code. Only Ounce features the automated workflow and open architecture that enterprises demand, helping organizations such as EDS, IBM, Intel, Lockheed Martin, MFS, the U.S. Government Accountability Office, Unisys and VeriSign, to strengthen application security through their existing development and security processes, and protect confidential information enterprise-wide. Ounce also helps organizations to verify compliance with internal policies and industry mandates including PCI DSS, FISMA, HIPAA and others. For more information, please visit www.ouncelabs.com.
Media Contacts:
Rachel O'Connell
Ounce Labs
781.547.7016
Rachel.OConnell@ouncelabs.com
http://www.ouncelabs.com
Brenda Menard
Davies Murphy Group
781.418.2435
ounce@daviesmurphy.com
http://www.daviesmurphy.com
Ounce Labs is a registered trademark of Ounce Labs, Inc. in the United States and other countries. Ounce 5, SmartTrace and SmartAudit are trademarks of Ounce Labs. Other product or service names mentioned herein are the trademarks of their respective owners.
"Security scanners tend to be trigger happy and obtuse, but Ounce Labs offers friendly scanners with fewer false alarms."