Reshift Security Inc. closes initial $275K financing

Security software start-up receives funding from Software Secured Inc. and Business Development Bank of Canada to support the market introduction of its first SaaS product

OTTAWA, Jan. 6, 2020 /CNW/ – Reshift Security Inc., a Software as a Service (SaaS) start-up that helps software development teams find and fix code vulnerabilities faster and earlier in the software development cycle, announced today that it has closed its first round of financing in the amount of $275,000 from Software Secured Inc. and the Business Development Bank of Canada (BDC).

Reshift offers a developer-centric solution that integrates into modern software development tools, processes and workflows, identifies code vulnerabilities as the software is being created, and offers immediate corrective steps to the developer. Reshift uses machine learning algorithms to adapt to the development organization’s code base and steadily reduces the rate of false positive distractions.

The prevailing software security model used by larger software development organizations today relies on an after-the-fact audit approach to detecting vulnerabilities which are then flagged back to the development team for correction. This traditional approach is slow and inefficient and is breaking down as today’s cycle of code creation, testing and publishing becomes shorter and shorter – to weekly, daily and even continuous production updates.

The declining effectiveness of the traditional software security model coupled with the increasing business imperative to reduce an organization’s exposure to the cost, time and brand damage from vulnerabilities exploited by hackers, are creating a significant market opportunity for Reshift’s developer-centric security approach.

In September 2019, Reshift was selected by a panel of investors for inclusion in the L-Spark SaaS Accelerator 2019-2020 cohort of promising companies.

Participating funder Software Secured Inc. is an Ottawa-based software security company that provides Penetration Testing as a Service (PTaaS) solutions to a wide range of software development companies globally.

Business Development Bank of Canada is Canada’s pre-eminent financial institution devoted exclusively to assisting Canadian businesses with financing, advisory services and capital.

Reshift CEO, Sherif Koussa, highlighted the importance of the funding to the next stage of the company’s development saying, “So far, we have been successful in bootstrapping Reshift’s early platform development from personal sources. This $275K of funding will allow us to increase market understanding of the imperative to embrace developer-centric software security, along with awareness of the Reshift solution.”

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