In this episode of Terminal Value, I'm joined by Shan Kulkarni, co-founder and CEO of Nullify — an AI-native product security company building AI agents for application security.
We discuss why the old "shift left" promise often created more work for security teams, how Nullify uses agents, Vault, context, memory, and tooling to automate AppSec workflows end to end, and what changes when software starts getting measured like labor rather than seats.
IN THIS EPISODE, WE COVER:
- What application security is, and why legacy scanners create alert backlogs
- How AI agents triage vulnerabilities, validate exploitability, open pull requests, follow up in Slack, and close the loop
- Why Vault and customer-specific context are central to Nullify's product advantage
- Where humans still matter: threat modeling, design reviews, architecture, and stakeholder translation
- Why Nullify's ICP starts around companies with 50+ developers
- Campaigns, campaign lookbacks, and merge-ready rate
- Pricing AI agents against security headcount and operating expense
- How security jobs may evolve as AI takes over more repetitive workflow execution
- Why agentic systems create the next major security surface
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#ApplicationSecurity #AppSec #Cybersecurity #AI #TerminalValue
Disclaimer: For information and education only; not investment advice or a recommendation to buy or sell securities. Views are the speakers’ own.
What is Terminal Value?
Terminal Value is a market landscape podcast that breaks down where value accrues in AI, software, and technology markets through deep dives with founders, operators, and investors.
Terminal Value is hosted by Nik Singh and is currently not monetized. Content is for general information and education, not investment, financial, legal or tax advice. Company discussions are not recommendations to buy or sell securities. Views are the speakers’ own and reflect the recording date.