Software supply chain security front-runner, Chainguard, has announced the completion of its $61m Series B funding round.
The round was spearheaded by Spark Capital, with contributions from existing investors including Sequoia Capital, Amplify Partners, The Chainsmoker’s Mantis VC, and Banana Capital.
At the core of Chainguard’s operations is its commitment to hardening open source software. The past six months have seen a tremendous upsurge in the company’s annual recurring revenue (ARR), which has tripled. This exponential growth reflects its strengthened and secure container image solution’s increased adoption by both Fortune 500 companies and technology providers. Prominent names such as GitGuardian, Hewlett Packard Enterprise, Sourcegraph, Snowflake, and Replicated have integrated Chainguard’s solution into their operations.
CEO and Co-founder of Chainguard, Dan Lorenc, underscored the pivotal role of securing open-source software. He emphasised Chainguard’s ambition to provide a reliable safety net for all software-building organisations. Lorenc pointed out the expanding chasm in the security of open-source adoption and the mounting challenges faced by enterprises and governments in ensuring compliance and security, especially given the rapid pace of software development.
One of Chainguard’s remarkable expansions has been in its Images solution. This offers a vast inventory of over a million secure container images, enabling developers to craft safe software using familiar tools. Additionally, the solution provides a comprehensive API, helping customers trace changes in vulnerability status between Image versions and ensuring software supply chain security requisites, including Software Bill of Materials (SBOMs) and software signatures.
General Partner at Spark Capital, Clay Fisher, commended Chainguard for revolutionising open source security. He highlighted the uniqueness of Chainguard’s proactive approach in not only flagging potential vulnerabilities but rectifying them too. This innovation, Fisher believes, provides developers and security teams with invaluable peace of mind.
Brandon Sterne, Senior Manager, Product Security at Snowflake, lauded Chainguard Images for its transformative effect on building secure open source software across teams. He also credited Chainguard for streamlining and bolstering Snowflake’s FedRAMP certifications through swift open source vulnerability resolution.
In the realm of leadership expansion, Chainguard recently onboarded its first President, Ryan Carlson, previously the Chief Marketing Officer at both Okta and Wiz. Furthermore, Dustin Kirkland joined as the inaugural Vice President of Engineering, bringing his vast experience from tenures at companies like Goldman Sachs, Google, and Canonical.
With its inception two years back in October 2021, Chainguard has charted out specific goals for the new funds. These include bolstering the global go-to-market team, pumping resources into product research and innovation, and broadening customer support services.
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst
