Idinvest Partners has made a USD1.2 million investment in TrustInSoft, a spin-off from the CEA (French Atomic Energy Commission) that has developed a novel technology capable of mathematically demonstrating the safety and security of software code.
The company, which was ranked among the top 10 most innovative companies at the RSA Conference in 2015, has been widely recognised in the US and in Europe for its technology.
TrustInSoft is one of few companies selected by the Linux Foundation for the protection of its open source software stack, and the only company recognised by NIST (The US National Institute of Standards and Technology) as capable of truly guaranteeing the quality of a software.
TrustInSoft has already achieved strong commercial traction in the US, where it captures over 50 per cent of its revenues.
“Our objective is to provide software developers the tools that guarantee the quality of the software they have developed,” says Fabrice Derepas, the CEO of TrustInSoft. “With this capital raise, we are going empower software developers with a game-changing technology that will enable them to guarantee the safety and security of their software from inception.”
TrustInSoft’s team is composed of distinguished mathematicians who started working together in 2006 at CEA to lower the cost of software certification. Their technology proved its efficiency in critical applications for key industries such as defence, aerospace and nuclear power. In 2013, the team set up a company to expand into new commercial markets such as mobile, telco infrastructure, automotive.
With this fundraising, TrustInSoft aims to make its technology available to wider audience of code developers around the world. The company will benefit from the support of Idinvest’s industrial sponsor, EDF, in particular. The technology will soon available online in SaaS: it will allow developers to detect vulnerabilities in code they have already written, or check real-time that software under development is immune to attacks, a particularly valuable asset for the Internet of Things and in mobile.
TrustInSoft’s technology platform has game-changing potential for new markets such cyber insurance and or technology certification, whether by national regulators or private industry.
Julien Mialaret, operating partner at Idinvest Partners – the French venture capital firm which has supported technology companies such as Criteo and Talend in the US until their IPOs on Nasdaq – says: “We were really impressed by the disruptive potential of the technology, as were our industrial sponsors. The founders of TrustinSoft have tremendous scientific backgrounds and the company solves a crucial problem for the software industry: developers willingly or not, often overlook code vulnerabilities or sacrifice the quality and security of their code to accelerate the time to market of products and applications. Their clients often get caught up later by attacks that cause irreversible damages to their reputation.”
