Crosscode, Inc. Announces $9.25 Million Series A Financing
Proceeds will be used to accelerate the development of the Company’s Panoptics platform
Maple Grove, Minnesota, May 24, 2019 — Crosscode, Inc, an enterprise software development company that focuses on helping companies manage their software assets, today announced that it recently closed a $9.25 million private placement of Series A preferred stock.
Crosscode produces Panoptics, a code-level software mapping platform that makes it easier and less expensive for companies to perform business-critical tasks such as cloud migration, secure customer data, and modernize business operations. Performing these functions today is very much a manual task, and Crosscode’s goal is to automate large portions of them.
Crosscode, Inc. intends to use the funds to continue to develop the Panoptics platform and further enhance its sales and marketing functions.
Discover: Automatically discovers applications running in a customer’s software environment and creates an enterprise-wide code level application’s dependency map.
Understand: Uses static and dynamic analysis techniques to identify security issues, both in custom code and third-party components.
Change: With code-level mapping, enables organizations to make software changes with confidence.
Govern: Allows customers to create rule-based alerts and notification to monitor and manage changes in the runtime environment.
Audit: Identifies software changes in the runtime environment and provides chronological log accessible by IT auditors.
Aditya Sharma, Crosscode’s CEO, said, “We are gratified by the investor confidence in our mission. We look forward to using this capital to develop our business and the Panoptics platform, and provide exceptional value to our customers, whether their needs lie in change management or cybersecurity.”
National Securities Corporation, a wholly-owned subsidiary of National Holdings, Inc. (NASDAQ: NHLD), acted as sole placement agent for the transaction. The Liquid Venture Partners group at National Securities Corporation was responsible for sourcing and executing the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of any such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Crosscode, Inc, is enabling businesses to innovate rapidly while keeping operations safe and manageable. Its Panoptics product helps companies visualize the interconnectedness of all of their software assets, making it far easier to manage change and protect data from external attacks. For more information, please visit Crosscode.com.
Any statements in this release that are not historical facts may be considered to be “forward-looking statements.” Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties, which may cause results to differ materially and adversely from the statements contained herein. Such statements include, but are not limited to, statements regarding Crosscode’s expected use of the proceeds from the Series A financing round; the market opportunity for Crosscode’s products; and the business strategies and development plans of Crosscode. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include Crosscode’s ability to: make commercially available its products and technologies in a timely manner or at all; enter into other strategic alliances, including arrangements for the development and distribution of its products; obtain intellectual property protection for its assets; accurately estimate its expenses and cash burn and raise additional funds when necessary. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Crosscode does not undertake any obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
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