FOSSA Accelerates Growth, Hits Significant Milestones
SAN FRANCISCO, Oct. 15, 2020 /PRNewswire/ -- FOSSA, the open source management company, today announced that it has closed a $23.2 million Series B funding round from Bain Capital Ventures, Canvas Ventures and Costanoa Ventures, bringing its total amount of funding to $35 million. The company also announced the launch of FOSSA Security Management and continued expansion into EMEA, further validating its leadership position in the software composition analysis (SCA) market.
"Since our last round of funding, we've been heads-down driving product innovation and enterprise customer adoption," stated Kevin Wang, CEO and founder of FOSSA. "And our hard work is paying off. Since we first launched our commercial product two years ago, FOSSA has grown to become the most comprehensive policy engine for open source management. We've seen revenue accelerate significantly in the past year, enabling new investments to become a world-class software composition analysis solution with an expanded global presence. I look forward to working with our amazing VC partners and customers through our next phase of growth."
A Complete Policy Engine for Open Source Security and Compliance
And software development pipelines have historically lacked a complete vulnerability and license scanning solution built atop clear standards across teams and timelines. Despite legacy code SCA tooling, a recent Forrester survey revealed that 35% of global security decision makers who experienced an external breach said that it occurred due to software vulnerabilities.2
With recent studies showing a steady increase in the number of vulnerabilities in open source libraries and the lack of a comprehensive policy engine and scanning tools, organizations are working overtime to secure their software supply chain and prevent vulnerabilities or incorrectly licensed software from entering their applications while also maintaining developer velocity.
FOSSA Security Management empowers enterprises to identify, control and remediate open source vulnerabilities without slowing down software delivery. With FOSSA, organizations can actively monitor their open source software for vulnerability and license risks and enforce the appropriate risk policies across their teams at scale for continuous risk mitigation.
With the addition of Security Management, FOSSA delivers a complete open source risk mitigation platform and an evolution of software composition analysis, where enterprise teams can assess, manage and mitigate open source vulnerability and license risk. To read more on FOSSA Security Management, please see our blog.
"We're excited to see the continued growth with FOSSA," stated William Lehmann, Partner at Bain Capital Ventures. "When we first met Kevin and his team, we were immediately impressed and quickly realized the company was solving a growing problem. With open source software penetrating every enterprise and the increase in malicious activity, it's more important than ever to ensure security and compliance throughout the full software development lifecycle. As we move into 2021, we look forward to continued product innovation and global customer adoption."
1 Source: Gartner Software Composition Analysis Report, 2019
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