WhiteSource, a provider of open source security management, has closed a $35m funding round.
Susquehanna Growth Equity led the round with participation from return backers 83North and M12 – Microsoft Ventures. This Series-C adds to the $11m raised by WhiteSource in previous financing rounds.
Founded in 2011, the company is on a mission to help businesses harness the power of open source without compromising on security or slowing development.
The new capital will be used to double down on serving the enterprise market. With offices in New York, Boston, and Tel Aviv, WhiteSource is also planning to further expand its reach with the opening of sales, marketing and customer support operations in London and San Francisco as well as additional locations for global expansion.
“We are now at a stage where the question is not whether or not to use open source components, but how to put in place the solutions and policies to manage them well,” said Rami Sass, Co-Founder and CEO of WhiteSource.
“Microsoft’s acquisition of GitHub for $7.5B showcases that companies have accepted open source as crucial to the software development process, but incidents such as the Equifax data breach underscore the necessity for all companies to protect their products from attacks that would exploit the open source components they are using.”
Open source has become the main building block in modern applications. However, as the open source community grows, and the number of reported vulnerabilities keeps climbing, manually verifying the security and compliance of open source components can no longer provide the necessary control over the security of these components.
With the challenges in mind, WhiteSource is used by more than 500 customers worldwide, from all verticals, and sizes, including 23% of Fortune 100 companies, as well as industry leaders such as Microsoft, IBM, Comcast and KMPG.
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