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Supply Chain Startup Chainguard Scores $61 Million Series B

Washington startup Chainguard banks $61 million in new financing as investors make hefty wagers on software supply chain security companies.

Chainguard, a high-flying security startup founded by a team of former Google software engineers, has banked $61 million in new financing as investors continue to make hefty wagers on companies in the supply chain security space.

The Kirkland, Wash. company said the $61 million Series B was led by Spark Capital.  Previous investors Sequoia Capital, Amplify Partners, The Chainsmoker’s Mantis VC, and Banana Capital also expanded equity positions.

Chainguard has raised a whopping $116 million in venture capital investments since launching in December 2021 with ambitious plans to disrupt the open source software security business.

The company says it has found traction for Chainguard Images, its flagship product that provides developers with a collection of container images designed for security and minimalism. 

In the second half of this year, Chainguard said its annual recurring revenue (ARR) has tripled via a growing customer base that includes Fortune 500 companies and technology providers, including GitGuardian, Hewlett Packard Enterprise, Sourcegraph, Snowflake and Replicated.

“The future is clear – if you adopt open source software you are responsible for securing it,” Chainguard chief executive Dan Lorenc said, noting that open source security has not kept pace with the dramatic growth in adoption of open source software and components.

He said Chainguard has expanded its Images product to include a growing inventory of secure container images with over a million image builds, and also includes an API for customers to understand changes in vulnerability status from Image version to version and critical software supply chain security requirements like Software Bill of Materials (SBOMs) and software signatures.

Related: Chainguard Trains Spotlight on SBOM Quality Problem

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Related: Ex-Googlers Snag $5 Million for Software Supply Chain Security Tech

Related: Chainguard Bags Massive $50M Series A for Supply Chain Security

Related: OpenVEX Spec Adds Clarity to Supply Chain Vulnerability Warnings

Written By

Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a security community engagement expert who has built programs at major global brands, including Intel Corp., Bishop Fox and GReAT. Ryan is a founding-director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world.

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