IT security startup Code Intelligence raises 700,000 € in seed capital
September 25, 2018
The High-Tech Gründerfonds (HTGF) and the Digital Hub Bonn invest in the IT security startup Code Intelligence from Bonn, Germany. Code Intelligence is a spin-off from the University of Bonn’s Usable Security & Privacy group and uses intelligent algorithms to uncover vulnerabilities and bugs in software. The capital raised will be used to further develop the product and for market entry.
Code Intelligence enables companies to strengthen the security and reliability of their software. At the foundation of its technology stack the startup utilizes fuzzing, a modern application security testing technology. Through fuzzing a large scale of attack vectors can be tested automatically through pseudo-random mutations of the input parameters, uncovering vulnerabilities as well as reliability issues efficiently and timely.
As useful as fuzzing is in uncovering bugs in software, setting it up and using it properly is time-consuming and requires highly qualified IT security experts. The goal of Code Intelligence – consisting of Dr. Henning Perl, Philipp Langnickel, Sergej Dechand, Dr. Khaled
Yakdan and Prof. Dr. Matthew Smith – is twofold: on the one hand to make security testing experts work more efficiently, and on the other hand to make the security testing process more usable and automated so that even developers without security expertise can implement modern standards. “Through our software we want to give companies access to modern application security testing techniques and processes – with a strong focus on usability aspects for ‘non-experts’ as well as a tight integration into the customer’s continuous testing and delivery process” says founder and CTO Dr. Henning Perl.
Dr. Ulrich Schmitt, responsible for the investment at HTGF adds “Access to modern application security testing is of great value to many companies, for example to prevent data breaches and manipulation or even loss of control over devices. We are very happy that we were introduced to the Code Intelligence team through the Digital Hub Bonn and about this first joint investment. With the Hub’s know-how and network we can now jointly support the team’s next steps in the best way possible.”
The potential damage stemming from critical security vulnerabilities as well as reliability issues is especially high for programming languages with manual memory management such as C and C++. These languages are dominant in the growing markets IoT and Industry 4.0, both of which are target markets for Code Intelligence. Until end of 2018 Code Intelligence will continue to work on selected pilot projects. Market entry for the CI Security Suite is planned for mid of 2019.
About Code Intelligence GmbH
Code Intelligence is a spin-off from the Usable Security & Privacy group of the University of Bonn. In 2017 the founding team was funded with 645,585 € through a EXIST-Forschungstransfer by the German Federal Ministry of Commerce. Before that, the team gathered expertise in malware and security analysis through their work at Fraunhofer FKIE.
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven start-ups. With € 892.5 million in total investment volume across three funds (€ 272 million in HTGF I, € 304 million in HTGF II and € 316.5 million for HTGF III) and an international partner network, HTGF has already backed up 500 start-ups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and start-up experts help guiding the development of young companies. HTGF’s focus is on high-tech start-ups across a range of sectors, including software, media, internet, hardware, automation, healthcare, chemicals and life sciences. Up to now, external investors have invested over € 1,8 billion into the HTGF portfolio via more than 1,300 follow-on financing rounds. HTGF has also successfully exited shares of more than 90 companies.
Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, the KfW Banking Group, Fraunhofer-Gesellschaft e.V., as well as the companies LTANA, BASF, BAYER, B.Braun, Boehringer Ingelheim, Robert Bosch, BÜFA, CEWE, Deutsche Post DHL, Dräger, Drillisch AG, EVONIK, EWE AG, Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, Postbank, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik, WACKER and Wilh. Werhahn KG.
About Digital Hub Bonn
DigitalHub.de supports young digital startups and founders as an accelerator and incubator with funding, infrastructure, mentoring & coaching as well as a unique network of investors, partners, corporates and academic institutions.