HeroDevs Secures $125 Million Investment to Enhance Open Source Software Security Solutions

HeroDevs Secures $125 Million Strategic Investment

HeroDevs, a prominent provider of security solutions for deprecated open source software (OSS), has successfully acquired a $125 million strategic growth investment from PSG, a well-known growth equity firm focused on software and technology-enabled services. This considerable funding marks one of the largest investments in Utah this year and illustrates a growing commitment to enhancing security in an era where open-source components are increasingly adopted in enterprise settings.

As organizations integrate more OSS into their software stacks, the associated security challenges have grown. A report by Black Duck highlighted that the average commercial codebase contains around 911 open-source components, with a staggering 86% of those codebases having vulnerabilities. The challenge is intensified by the fact that nearly half of these vulnerabilities stem from OSS that is no longer maintained. HeroDevs aims to address these security gaps through its innovative Never-Ending Support (NES) solutions.

Aaron Frost, Founder and CEO of HeroDevs, emphasized the vital role of OSS in today’s tech landscape. According to him, "open source software runs the world" and it’s essential to provide developers, startups, and enterprises with the necessary tools to remain secure and compliant, especially when using outdated software.

The investment will not only enhance HeroDevs’ existing product offerings but will also enable the company to allocate $20 million toward the HeroDevs Open Source Sustainability Fund. This fund is intended to support open-source creators and maintainers committed to best practices, especially concerning projects that have reached their end-of-life. With this fund, HeroDevs plans to provide financial assistance ranging from $2,500 to $250,000, contingent on applicants demonstrating strong community support and adherence to security best practices.

This initiative underlines HeroDevs' ongoing commitment to the open-source community, having previously donated over $4 million to support various projects. The company is determined to not only address immediate security vulnerabilities but also to enhance the overall sustainability and innovation of open source development.

The strategic investment has been welcomed by PSG’s Managing Director Marco Ferrari and Principal Paul Russ, who noted that the pronounced shift towards OSS across enterprises underscores the demand for robust security solutions. They believe that the framework HeroDevs has built enables organizations to secure vulnerable areas of their applications without interrupting their operations or halting innovation.

HeroDevs’ strategies are critical across various sectors including finance, healthcare, and government, where security is a non-negotiable aspect of operations. With over 800 trusted clients, including a significant number from the Fortune 100, HeroDevs is positioned as a leader in managing and securing legacy systems effectively, thus ensuring continuity and compliance for businesses.

In summary, HeroDevs’ recent $125 million investment from PSG symbolizes a strong endorsement of the necessity for enhanced security solutions in an increasingly complex digital environment. With a dedicated emphasis on both immediate security challenges and future sustainability, HeroDevs is not only poised to lead innovations in OSS security but also to play a pivotal role in supporting the open-source community as a whole.

For more information about the Open Source Sustainability Fund and how to apply for support, interested parties can visit herodevs.com/sustainability-fund.