A Houston-based firm has raised more money for its data-protection technology in the U.S. and overseas.
Codenotary closed on another $6 million in funding from new and existing investors, the tech firm said Sept. 6. The additional capital was raised through an extension of Codenotary's $12.5 million Series B round announced in January. The Series B investors included Swiss investment firm Bluwat AG and French venture capital firm Elaia, among others.
The latest investment brings Codenotary's total funding to date to $24 million. The tech company raised a $5.5 million Series A round in 2020.
Codenotary develops tools for maintaining software supply chain integrity and identifying vulnerabilities, like malware.
"Software supply chains are under constant attack, and so every enterprise is looking for effective ways to protect their valuable software assets," said Codenotary CEO Moshe Bar. "The additional capital will help us expand faster — increasing our ability to roll out additional features and build out our worldwide sales efforts that includes our partner network."
Codenotary said it has seen "significant growth" among banks and government customers in the U.S. and Europe. The additional $6 million in funding will be used for growing U.S. and European sales, as well as expanding Codenotary into the Asian market.
The tech company is also expanding its team in Houston and beyond. Codenotary planned to double its headcount to around 60 employees during 2022, Bar told Houston Inno in January. Codenotary has employees in finance and other functions working out of the firm's sole office at 6750 W. Loop S. in Bellaire, but the majority of the Codenotary team works remotely.
The company was founded as Vchain Inc., which developed a product called Codenotary. The firm changed its company name to Codenotary in late 2020.
Bar is a serial founder in the software and technology spaces. He co-founded Qumranet Inc., which was acquired by Red Hat Inc. for $127 million in 2008. He also previously co-founded hypervisor software company XenSource, which was acquired by Citrix for $500 million in 2007.
