Application security and compliance solutions provider HeroDevs today announced receiving $125 million in growth funding from PSG, which brings the total raised by the company to $133 million.
Founded in 2018, the Salt Lake City, Utah-based company provides security support for deprecated open source software (OSS), to help organizations keep their critical applications protected and compliant long after they reach their official end-of-life (EoL) status.
HeroDevs enables organizations to protect their stack without overhauling their applications, preventing data breaches and cyberattacks that exploit OSS vulnerabilities and helping security teams plan software transitions at their own pace.
The company provides commercial licenses to over 30 Never-Ending Support (NES) products, which are patched versions of software that organizations already use, behave identically, and are compatible with modern browsers and key third-party libraries.
According to HeroDevs, its solutions are trusted by over 900 organizations worldwide, including companies such as Google, Microsoft, GE, and Capital One.
The fresh investment will be used to improve the NES products and secure them against emerging threats, proliferated by the rapid adoption of AI.
Additionally, HeroDevs will dedicate $20 million of capital towards its Open Source Sustainability Fund, a project launched last month to provide direct support to open source creators and maintainers that follow EoL best practices. Developers can apply for donations that range from $2,500 to $250,000.
To date, HeroDevs has donated $4 million of its revenue to open source creators and projects.
“In our view, open source software runs the world. Through this investment, we’re doubling down on our mission of ensuring everyone—from developers to startups to enterprises and governments—has the tools and support to stay safe and compliant, even when they find themselves stuck running end-of-life open source software,” HeroDevs founder and CEO Aaron Frost said.
“We believe that the lifeline we provide to our customers saves them thousands of hours and hundreds of millions of dollars, not to mention the loss in trust that comes from security breaches,” Frost added.
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