- FOSSA, a startup that helps developers use open source computer code, has raised a $23 million Series B round of funding to release new security tools.
- Companies increasingly use open source computer code when building software and FOSSA helps developers find the right code and use it correctly – and will now help developers anticipate cybersecurity vulnerabilities, too.
- See the pitchdeck that FOSSA used to go into its new phase.
- Visit Business Insider’s homepage for more stories.
In yet another sign of the exploding potential of developer cybersecurity, the San Francisco startup FOSSA is launching a new product alongside the announcement of a fresh $23.2 million Series B round of funding on Wednesday.
FOSSA, an acronym for “free open-source software auditing,” helps developers find open-source computer code to integrate into the software they are building, and counts Uber, Motorola, and Verizon among its customers. The new round will help the company address cybersecurity vulnerabilities in open-source computer code through a new product, ultimately helping to prevent future data breaches and hacks at the development stage.
Developers often need guidelines on how to use the free, publicly available open source software made available on platforms such as GitHub, and FOSSA’s technology provides those guidelines and helps its customers audit the code that their hundreds, or thousands, of engineers are using, says CEO Kevin Wang. The broad use of open-source computer code has sped up software production considerably, says Wang, but it also created “what is basically a massive new surface area” for hackers to attack.
The new product, FOSSA Security Management, will help enterprises prevent vulnerabilities in software development by showing developers in a dashboard a history of the code, any known issues, and suggested fixes.
Bain Capital Ventures, lead investor in the Series B, calls open-source developer security “a tidal wave” in the cybersecurity world, because so many software developers rely on open-source code – 90% of them, according to the analyst Gartner. “This is a massive opportunity for them right now,” said Bain partner William Lehmann.
Building security into software and application development is an $11.6 billion sector, according to the analysis firm PitchBook – bigger than what’s known as “endpoint protection,” the massive security market that protects PCs, laptops and smartphones. Snyk, a FOSSA competitor, raised a colossal $200 million Series D round of funding in September. The developer security startup Apiiro launched Tuesday with a $35 million seed round.
“We see the groundswell here happening for years, and this is only going to become more and more important,” says Bain’s Lehmann.
FOSSA, a 70-person company, said the Series B round had been in the works for months but was previously unannounced. It follows two seed rounds and brings the company’s total funding to $33.9 million. Though FOSSA declined to share its valuation, CEO Wang said it was “well over $100 million.”
See the pitch deck FOSSA used to land the round and introduce its new product: