codenotary Raises $12.5M Series B to Secure Software Supply Chains

Codenotary Secures $12.5 Million Series B Funding

Codenotary, the company facilitating the creation of transparent software supply chains and the developer of the immudb immutable database, has announced a $12.5 million Series B funding round. This investment comes from both new and existing investors, including Bluwat and Elaia, among others.

This latest funding increases the company’s total raised capital to $18 million, building upon the $5.5 million Series A round completed last July.

Addressing Software Supply Chain Security

Founded by Moshe Bar, formerly a co-founder of Qumranet, and Dennis Zimmer, Codenotary empowers teams to pinpoint and monitor all components within their DevOps processes.

This capability is crucial for rapidly identifying the usage of vulnerable libraries, such as in the case of the Log4j vulnerability, and minimizing the impact of potential supply chain attacks.

The system leverages immudb, a ledger database offering tamper-evident history without the complexities of blockchain technology, ensuring data integrity and trustworthiness.

Upon integration, Codenotary automatically generates a comprehensive bill of materials, detailing the software components in use.

Image Credits: Codenotary

A Mission of Trust and Transparency

“Our core objective is to guarantee the trustworthiness of the artifacts utilized in application development across all organizations, be they open source projects or internal enterprise systems,” stated Bar.

“From the outset, we sought methods to safeguard the information we store – details regarding artifact authorship, modification timestamps, and the actions performed – against any form of tampering.”

Recognizing a gap in available database solutions, the Codenotary team developed immudb, providing blockchain-level cryptographic verification with enhanced performance.

Investor Confidence and Market Position

“Codenotary delivers a solution enabling organizations to swiftly identify and track all components in their DevOps cycle, thereby restoring confidence and integrity in their applications,” commented Pascal Blum, senior partner at Bluwat AG.

“Combined with Codenotary’s leading immutable database, immudb, the company has established itself as a leader in this emerging market.”

Growing Customer Base

Currently, Codenotary serves over 100 customers, including several of the world’s largest financial institutions, though specific names remain confidential.

Implementation and Use Cases

According to Zimmer, initial implementation typically occurs within the software pipeline to establish software provenance from source code to production.

The customer base is diverse, ranging from small development teams to large ERP companies, who utilize the service to demonstrate quality assurance efforts and provide bills of materials to their customers.

Bar highlighted that financial organizations and government agencies are often pioneers in addressing these security concerns.