Adds details on funding round in paragraph 2, details on company in paragraphs 4 and 6, context on AI funding market in paragraph 5
Feb 5 (Reuters) - Semgrep said on Wednesday that it has raised $100 million in a Series D funding round, as investor interest in AI-powered solution continues.
The round was led by Menlo Ventures, with participation from existing investors including Lightspeed Venture Partners, Redpoint Ventures, and Sequoia Capital taking Semgrep's total funding to $204 million.
Despite subdued activity in the broader venture capital market, investor enthusiasm for artificial intelligence remains robust as businesses race to integrate AI-driven efficiencies into their operations.
Semgrep, whose customers include Hashicorp HCP.O, Gitlab GTLB.O and Snowflake SNOW.N, leverages AI to identify security bugs, helping developers to write more secure code.
Demand for automated security programs has also risen amid growing cyber threats, many of which also leverage AI technologies, prompting enterprises to ramp up spending to address vulnerabilities in their applications.
The company, which was founded in 2017, will use the fresh capital to increase hiring in the AI and program analysis space. It also plans to use the funds to boost its go-to-market team.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shreya Biswas and Tasim Zahid)
((Prakhar.srivastava2@thomsonreuters.com;))
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