Application security platform Semgrep raises $100 mln in new funding round (updated)

Hashicorp

05/02/2025 16:16

(Adds details on funding round in paragraph 2, details on
company in paragraphs 4 and 6, context on AI funding market in
paragraph 5)
       Feb 5 (Reuters) - 
    Semgrep said on Wednesday that it has raised $100 million in
a Series D funding round, as investor interest in AI-powered
solution continues.
        The round was led by Menlo Ventures, with participation
from existing investors including Lightspeed Venture Partners,
Redpoint Ventures, and Sequoia Capital taking Semgrep's total
funding to $204 million.
  
        Despite subdued activity in the broader venture capital
market, investor enthusiasm for artificial intelligence remains
robust as businesses race to integrate AI-driven efficiencies
into their operations.
  
        Semgrep, whose customers include Hashicorp  HCP.O ,
Gitlab  GTLB.O  and Snowflake  SNOW.N , leverages AI to identify
security bugs, helping developers to write more secure code. 
        Demand for automated security programs has also risen
amid growing cyber threats, many of which also leverage AI
technologies, prompting enterprises to ramp up spending to
address vulnerabilities in their applications. 
  
        The company, which was founded in 2017, will use the
fresh capital to increase hiring in the AI and program analysis
space. It also plans to use the funds to boost its go-to-market
team. 
  

 (Reporting by Prakhar Srivastava in Bengaluru; Editing by
Shreya Biswas and Tasim Zahid)
 ((Prakhar.srivastava2@thomsonreuters.com;))