Chainguard, a safe source for open source, announced it has completed a $140 million Series C round of funding led by Redpoint Ventures, Lightspeed Venture Partners, and IVP. This funding round brought the company’s total funding to $256 million. And existing investors, including Amplify, Mantis VC, Sequoia Capital, and Spark Capital also joined the round.
The demand for the company’s Chainguard Images solution continues to see rapid adoption among enterprises, with a more than 5 times increase in its customer base year-over-year and an over 175% increase in Annual Recurring Revenue (ARR) in the first 6 months of the fiscal year. The company also more than doubled its employee base over the past year to support this demand and bring its Chainguard Images product to as many customers as possible.
With a value of $1.12 billion, the company is making investments to expand its Chainguard Images product offering to safeguard emerging technologies like AI workloads. And the company is also expanding go-to-market operations in international markets and growing its Federal business to service more customers looking to meet compliance requirements for software security.
The company also announced the general availability of Chainguard AI Images, a growing suite of CPU and GPU-enabled container images, including Pytorch, Conda and Kafka, which are hardened, minimal, and optimized for efficient software development.
This solution also offers optimized GPU-enabled images, like PyTorch, with dependencies including drivers and libraries to secure the deployment and management of GPU Accelerated AI applications with low-to-zero vulnerabilities and hardened configurations.Chainguard’s secure container images are used by the world’s most advanced technology companies like Anduril, Canva, Hewlett Packard Enterprise, Snowflake and leading cybersecurity companies Checkmarx, Cyera, and Wiz to tackle vulnerability remediation and lock down their software supply chains.
Chainguard is also committed in providing secure and compliant solutions tailored for federal and regulated industries, working with customers and strategic partners like ILS to enable users to access a custom registry of secure container images on U.S. federal government networks. Along with investments in product and go-to-market, the company continues to add to its leadership ranks.
KEY QUOTES:
“We’ve shown our customers and the industry there is a better way to align developer and security priorities when it comes to adopting open source software securely. The complexity and scale of vulnerability management has outgrown the capabilities of most organizations to manage on their own. Chainguard has brought an essential layer of security to the open source consumption model, which was already strained by new attack types like Log4j and XZ Utils, and is under even greater pressure from a combination of rapidly adopted AI workloads and intensifying regulatory requirements. We empower developers to focus on doing what they do best– writing great software–with a newfound confidence they are building upon a secure, vulnerability-free foundation, where starting left, not shifting left is the only way.”
- Dan Lorenc, CEO and Co-Founder of Chainguard
“Chainguard has reimagined software delivery and consumption and is the safe source for open source software. Chainguard Images have extremely strong product market fit and give developers and security teams peace of mind. Chainguard is one of the fastest growing enterprise businesses we have seen in the past several years and we could not be more thrilled to join on this mission to build the industry standard for software security.”
- Sai Senthilkumar, Partner at Redpoint Ventures
