Nokod Raises $8Million Seed Round From Seasoned Cybersecurity Investors to Enhance Low-Code/No-Code App Security

Nokod Security, a company developing security for low-code / no-code custom applications and Robotic Process Automation (RPA), announced its $8 million seed round, which will be used to establish a presence in the United States market, as well as to expand the R&D teams and support novel research of security vulnerabilities in the low-code/no-code domain. Funds were raised from Acrew Capital, Meron Capital and Flint Capital, firms with a successful track record of investing in top companies in the data protection, software verification and cybersecurity sectors like Exabeam, Mitiga, Laminar, Socure, and others.

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Adoption of low-code / no-code and RPA platforms like Microsoft PowerApps, ServiceNow or UiPath is predicted to reach 65% of the IT market by 2024. More so, Generative AI and ChatGPT-like tools, introduced just this past year, are set to hyper-accelerate low-code / no-code development. Although these platforms provide businesses fast application development with minimal complex coding using third-party toolkits, they are not covered by the application security stack. As a result, the applications and automations create a new attack surface as well as introduce the risk of compliance violations.

Yair Finzi, a former Head of Department in an elite cyber security unit of the Israeli Army and a cybersecurity entrepreneur with over 15 years of experience, and Amichai Shulman, a cybersecurity researcher, advisor, entrepreneur and investor with multiple successful exits, recognized this gap early on. They have a proven track record of running successful companies: Yair co-founded and led SecuredTouch (acquired by Ping Identity), while Amichai co-founded and served as CTO of application and data security giant, Imperva.

With Nokod, Yair and Amichai empower businesses with a platform to manage cybersecurity and compliance risks stemming from their low-code / no-code custom applications and RPAs by streamlining security into the application’s lifecycle. The platform provides the security team with a comprehensive view of the application inventory, identifies security issues and vulnerabilities and offers the organization customized auto-remediation, effectively accelerating their digital transformation. The company is in discussions with Fortune 500 companies in several verticals.

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“In today’s world, application development is both time-consuming and costly, exacerbated by the anticipated threefold increase in the shortage of full-time software developers by 2025. As companies increasingly turn to low-code/no-code and RPA platforms, coupled with the rise of Generative AI tools, the adoption of low-code/no-code tools is set to skyrocket. This trend can take us back to the days when everyone coded without proper security measures, leaving sensitive business and personal data vulnerable to unauthorized access. Our product ensures 100% secure citizen development within enterprises,”— notes Yair Finzi, co-founder and СЕО of Nokod Security.

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