Startup Bangladesh Limited, the flagship venture capital company of the ICT Division, announced today that it has invested BDT 1 crore in OpenRefactory, an Application Security company, in Pre-Series A round, per a press release.
An agreement was signed recently between the organizations in Dhaka in the presence of Startup Bangladesh Chairman & Secretary of the ICT division MD. Shamsul Arefin, Managing Director Sami Ahmed, Head of Portfolio Investment Hasan A. Arif, and Mushfique Manzoor, Managing Director of OpenRefactory and other stakeholders.
OpenRefactory is the 1BIG Winner of Bangabandhu Innovation Grant 2021.
OpenRefactory protects companies from the security vulnerability and risks of software failure. OpenRefactory’s flagship product, Intelligent Code Repair (iCR), detects security, reliability, and compliance bugs in source code with high precision and automatically synthesizes fixes that can be readily applied. It also offers a Managed Security Audit service. iCR brings in three key benefits over the other static analysis-based bug detection tools in the market: (1) iCR detects bugs that other tools miss, (2) iCR detects bugs with dramatically low (sometimes even 300X fewer) false warnings and (3) iCR is the first and only tool in this space that is able to automatically synthesize fixes for over half of all the detected bugs. Therefore, iCR allows development teams to operate at premium velocity without compromising quality.
Startup Bangladesh Limited is the flagship venture capital company of ICT Division. Under the visionary guidance of Honorable Prime Minister Sheikh Hasina, Startup Bangladesh, the first and only Venture Capital fund sponsored by the government of the people’s republic of Bangladesh, started its journey on March 2020 with an allocated capital of BDT 500 crore. In its effort to enable the nation to innovate faster, Startup Bangladesh has decided to invest 1 crore BDT in OpenRefactory after recognizing the potential of this Application Security startup.
On the occasion, Mr. Zunaid Ahmed Palak MP, State Minister for ICT Division said, “Bangladesh has become a fertile land for startups and innovation, which is transforming the startup ecosystem. The Government is a strong believer of innovation and technology, and we believe startups are the change-makers and Impact creators in society. To support these innovative startups, Government has established Startup Bangladesh venture capital company. Startup Bangladesh’s role in supporting startup ecosystem through investments in technology startups is vital towards building a Smart Bangladesh. I hope OpenRefactory will make remarkable impact in the industry with this investment.”
“The work that OpenRefactory is doing in the Application Security domain is highly commendable and the investment from Startup Bangladesh on OpenRefactory will help it to be the leader of the industry. I hope that they will be able to make a deep impact in the Smart Bangladesh implementation as a startup.” mentioned MD. Shamsul Arefin, Secretary, ICT Division and Chairman Startup Bangladesh Ltd.
“Our mission is to support and create a vibrant environment in the Bangladeshi startup ecosystem for startups to thrive. Prospective ventures such as OpenRefactory have a substantial impact on Artificial Intelligence sector. With the right approach and focus, Open Refactory will be able to set a remarkable example as a viable and profitable startup in the ecosystem.”, said Sami Ahmed, Managing Director, Startup Bangladesh Limited.
“Till date more than 95% of all fundamental innovations in computer science have been done in the first world countries. For the first time, a company with Bangladeshi talent, technology and capability is bringing an innovative solution to a fundamental problem of computer science. We are truly delighted to have Startup Bangladesh on board this exciting journey.”, said OpenRefactory Managing Director and Co-founder, Mushfique Manzoor.
Startup Bangladesh, in its effort to build a vibrant startup ecosystem that nurtures digitalization, has been investing in the most promising and impactful startups in Bangladesh and has continued that tradition by investing in OpenRefactory.