Series B funding led by 83North with participation from Microsoft Ventures brings total capital raised to $14 million and will be leveraged to expand global operations and investments in product development
NEW YORK & TEL AVIV, Israel–(BUSINESS WIRE)–WhiteSource, the leader in continuous open source software security and compliance management, today announced a $10M Series B financing round led by 83North, with additional participation from Microsoft Ventures and individual investor David Strohm of Greylock Partners. The new funding will help WhiteSource expand its market leadership in open source security and compliance solutions.
“This issue is exacerbated as companies employ DevOps to reduce time- to-market, increasing the need for a comprehensive solution like WhiteSource’s”
Application development has undergone a revolution in recent years as organizations embrace open source software, in some cases making up to 80 percent of the code base. These practices not only reduce cost and accelerate delivery times, but also introduce management challenges and security vulnerabilities. Some of the most publicized security breaches of recent years, such as the Heartbleed bug, were introduced through the deployment of vulnerable open source components.
Founded by three serial entrepreneurs, Ron Rymon, Azi Cohen and Rami Sass, WhiteSource grew revenues 300 percent year-over-year for the last three years by tapping the need to better track and secure open source assets. The strong offering has also been recognized by Forrester, who recently ranked WhiteSource as a “strong performer” among all Software Composition Analysis (SCA) offerings in its 2017 Wave report.
“The investment in WhiteSource follows our conviction that the rapid acceptance of open source software, which now comprises most of the new code in SMBs and enterprises, is not well managed,” said Erez Ofer, Partner at 83North. “This issue is exacerbated as companies employ DevOps to reduce time- to-market, increasing the need for a comprehensive solution like WhiteSource’s”.
WhiteSource’s namesake solution secures and manages open source components of hundreds of enterprises and SMBs around the world. It empowers customers to fully control open source usage with real-time alerts, reports and automated enforcement of policies across the DevOps continuous process.
“Our vision from the outset was to help organizations safely, securely and continuously adopt, manage and deploy open source components,” stated Rami Sass, Co-founder and CEO of WhiteSource. “We are a first mover, and through nonstop innovation, have built a solution that monitors code components in real-time to become an integral part of the DevOps cycle.”
“Microsoft is committed to strengthening its relationship with the open source community,” said Mony Hassid, general manager and managing director, Microsoft Ventures EMEA. “As a Whitesource partner, we’ve seen firsthand the value its open source security and compliance solutions bring to enterprises. Our investment in its technology is a testimonial of our drive to make open source software practical, productive and secure.”