- Open-source management company FOSSA announced it closed $8.5 million in Series A funding led by Bain Capital Ventures and Costanoa Ventures
FOSSA — an open-source management company — announced it closed $8.5 million in Series A funding led by Bain Capital Ventures and Costanoa Ventures with participation from Norwest Venture Partners. Including this funding round, FOSSA has raised a total of $11 million. And the investment will be used to accelerate product development, expand enterprise features, and drive overall corporate growth.
FOSSA focuses on automating the workflow of open source management both within and outside of the software development lifecycle (SDLC). And this enables enterprises to quickly identify and mitigate risks, improve engineering efficiency, and accelerate time to market.
“We built FOSSA as an open-source project with developers in mind,” said FOSSA CEO Kevin (Xi Zhao) Wang. “Everyone uses open source differently. We created FOSSA as a developer-centric, flexible compliance solution allowing developers to focus on innovation, not license management. By initially focusing on developers and the complexities of open source compliance, we have gained a deep understanding of enterprise open source management requirements. We’re excited to continue creating a solution that quickly adapts to different enterprise processes and expand our offering into vulnerability management and code quality.”
Launched in 2017, FOSSA is the world’s first Modern Open Source Management platform. And it was designed for development and legal teams alike.
FOSSA has more than 500,000 downloads of its open-source dependency analyzer from some of the most prevalent open-source projects in the world like Docker and Kafka along with several technology companies such as Uber, Twitter, and Verizon Media. And FOSSA is capitalizing on this rapid customer adoption and success to approach open source software management differently.
“FOSSA is exciting because it is changing the way companies deal with the necessary evils of utilizing open source: licensing and compliance management,” added Salil Deshpande, a partner at Bain Capital Ventures. “Older traditional solutions have focused too heavily on security and not on the needs of the developer, including flexibility and efficiency. As an early investor in FOSSA, I’m thrilled to be a part of the company’s next phase of product and company growth.”