Open source security platform WhiteSource scores $75m in funding

WhiteSource, an open source security and management platform, has scored $75m in its Series D round, which was led by Pitango Growth.

Previous backers of WhiteSource, including M12, Susquehanna Growth Equity and 83North, also joined the round. This investment brings the total capital raised by WhiteSource to $121.2m.

The RegTech company boasts a fivefold increase in customers and an 800% rise in revenue growth over the past three years.

A recent study from the cybersecurity company found that 70% of enterprise application portfolios have become more vulnerable to attack in the past year. As developers come under pressure to improve protections, WhiteSource claims to be bridging the gap in application security.

It is achieving this through its remediation-centric solution – currently used by 800 companies around the world – which helps organisations better protect their applications without impacting their software delivery speed.

With offices in the US, UK and Israel, the company hopes to be a global platform that can offer open source security at scale. Clients can use the platform to reduce up to 85% of security alerts, prioritise vulnerabilities and auto-remediate them.

WhiteSource co-founder and CEO Rami Sass said, “Application security needs have gone beyond just detection to include continuous prioritization and prevention, as demonstrated by recent software supply chain attacks.

“This investment brings us closer to creating a future where the cycle of application delivery is always a step ahead of any security risk, and where developers are easily equipped with code they can trust.”

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