US-based application security company Endor Labs has raised $93m in its oversubscribed Series B funding round.

The round was led by DFJ Growth, with additional participation from Salesforce Ventures and existing investors including Lightspeed Venture Partners, Coatue, Dell Technologies Capital, Section 32 and Citi Ventures.

The company, founded by Varun Badhwar and Dimitri Stiliadis, offers a platform designed to address security risks in the era of AI-generated code.

Endor Labs’ tools integrate with AI-powered programming assistants and are used by clients such as Dropbox, Egnyte, OpenAI, Peloton, Rubrik and Snowflake.

According to the company, its platform currently secures more than five million applications and performs more than one million scans per week.

Endor Labs plans to use the newly raised capital to expand its platform capabilities, grow its engineering team and support global go-to-market initiatives.

Endor Labs co-founder and CEO Varun Badhwar said: “We are building for the scale required to secure this AI era and not letting intermediate market volatility diverge us from our big goals.

“Our marquee customers need an application security platform that supports the pace of development they are confronting with AI.

“It is an honour to be that platform, to do a raise proactively, at a time like this, and to get to work with such quality investors, who share our commitment to excellence and innovation.”

Since its Series A funding 18 months ago, Endor Labs has reported a 30-fold increase in annual recurring revenue and a net revenue retention rate of 166%.

DFJ Growth venture partner Ramin Sayar said: “Developers’ increasing reliance on AI-generated code further complicates the challenge for security teams.

“Endor Labs embraces this shift with their unparalleled expertise in rethinking security from the ground up – and outing risky AI-generated code and uniquely optimising remediation strategies.”