WhiteSource Software, Inc., which developed a platform automating open source management and security processes, announced on Wednesday that it completed a $75 million series D funding round led by Pitango Growth, with participation by existing investors M12, Susquehanna Growth Equity, and 83North. The new round brings WhiteSource’s total funding to $121.2 million. Part of the funds went towards the purchase of secondary shares from some of the company’s employees. The founders and other shareholders did not sell any of their shares.
WhiteSource was founded in 2011 by Rami Sass, Azi Cohen, and Ron Rimon. It employs 250 people in Israel, the U.S., the UK, and Sweden.
The company said it has seen a fivefold increase in customers and 800% revenue growth over the past three years, underscoring the enormous demand by organizations developing software to effectively manage their use of open source components. Given that more than 70% of enterprise application portfolios have become more vulnerable to attack over the past year, developers face increasing pressure to become security experts, as companies also struggle to decide how much security they will sacrifice in the name of speed. WhiteSource said it has been bridging this gap in application security by providing its remediation-centric solution to more than 800 companies globally, helping organizations better protect their software applications without affecting the speed of software delivery or its performance. WhiteSource reports Microsoft, IBM, KPMG, and Comcast amongst its customers.
“Application security needs have gone beyond just detection to include continuous prioritization and prevention, as demonstrated by recent software supply chain attacks,” said the company’s CEO Rami Sass. “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.”
"WhiteSource has established the standard for open-source security. We are excited to support them as they strengthen their leadership and expand their platform to a complete application security solution,” said Isaac Hillel, Managing Partner at Pitango Growth, who will also be joining the WhiteSource Board of Directors. “We have been watching their growth with great interest, and we are excited to partner with them as they embark upon their next chapter of industry leadership.”