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Source scanning start-up Palamida lands $8 million

The company, which has software that scans software to cut down on intellectual property risk, will use cash to fuel expansion.

Palamida said that it is has secured a second round of $8 million in funding from the venture arm of Japanese conglomerate Mitsui & Co., Hummer Winblad and WaldenVC. Palamida and a rival, Black Duck Software, have developed software that automatically scans code to reduce intellectual property risks from third-party software, notably open-source products.

The additional capital will be used to enhance the product and expand internationally, said Theresa Bui Friday, vice president of marketing at Palamida who named some of Palamida's customers. "What has really fueled interest in this space is that large companies like Microsoft, Sun (Microsystems), Avaya and Cisco, which was one of our first customers, have built business processes and workflows around this need for software transparency," Bui Friday said.