Software supply chain security startup Chainguard has raised $140 million in a new round of financing that values the company north of $1 billion.
The Kirkland, Wash. company, founded by a group of ex-Google software engineers, said the $140 million Series C round was provided by Redpoint Ventures, Lightspeed Venture Partners, and IVP. Investors at Sequoia Capital, Spark Capital, and Mantis VC also expanded existing equity interests.
Chainguard has raised a whopping $256 million since launching in late 2021 and the company boasted that the Series C was raised at a valuation of $1.12 billion.
The company said the growth spurt was driven by demand for its flagship Chainguard Images product and the plan is to expand the technology to secure AI workloads. The Chainguard Images platform is marketed as a safe, trusted way to build software on top of containers through a fully-managed open source supply chain.
“This isn’t a new tool or a scanner, we’re providing a secure software supply chain, starting at the root — open source. We’ve built a Software Factory that can securely build and maintain any open source software in the world. In our factory, we update and patch open source software as quickly as possible,” Chainguard chief executive Dan Lorenc said in a note posted alongside the funding announcement.
He said the fresh capital will be used on expansion into the U.S. public sector and international markets and to help scale its product suite to move from just container images to provide a single, safe source for any open source software.
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