Apiiro, a cloud-native application security startup, raised USD 100 million in a Series B funding round co-led by General Catalyst, with participation from Greylock and Kleiner Perkins. Apiiro’s total funding currently stands at USD 135 million.

The funding will be used to enhance its Risk Graph solution with additional code components and data points, expand to more developer and programming languages, accelerate business operations, double its employee headcount of 90 in 2023, achieve a USD 10 billion valuation within the next two years, and invest in sales, marketing, and engineering.

Apiiro reported 400% growth in annual recurring revenue (ARR) in Q3 2022. The funding announcement comes a few months after it was reported that the cybersecurity giant Palo Alto Networks was interested to acquire Apiiro for around USD 600 million. However, the takeover talk eventually collapsed owing to differences regarding an appropriate valuation for Apiiro.

Founded in 2018, Apiiro provides tools for developers to address security issues in the code base and delivers workflows to proactively fix those risks that can be exploited by attackers before releasing them to the cloud. The platform provides complete visibility into the code base by assessing risks as the application moves through the design, code, and the cloud. The company’s Risk Graph technology connects hidden risk factors across code, configurations, open source packages, and cloud infrastructure with actionable context to fix actual risks. Apiiro currently operates in the US and Israel and serves Fortune 500 companies.