HeroDevs, a leading provider of security solutions for deprecated open-source software (OSS), has received a $125 million strategic investment from PSG, a growth equity firm, with participation from existing investor Album.
The rise of artificial intelligence has increased OSS usage in enterprise security frameworks, with 86% of commercial codebases containing known vulnerabilities. A Qualys report reveals that 48% of vulnerabilities originate from unsupported OSS.
HeroDevs is also dedicating $20 million to its Open Source Sustainability Fund, supporting projects that adhere to best practices for software end-of-life management. The fund is open for applications, with donations ranging from $2,500 to $250,000, targeting projects that demonstrate strong community support and comply with security standards.
This initiative reflects HeroDevs’ commitment to innovative funding for the open-source community, having already donated $4 million to date, with $2 million allocated in 2024.
The company donates a portion of its revenue to open-source creators and projects, including $4 million to date and $2 million in 2024.
How the funding will be used: This funding will enhance HeroDevs’ Never-Ending Support solutions, providing secure alternatives to vulnerable OSS versions. This approach allows enterprises to protect their infrastructure without overhauling applications, thus mitigating data breach and cyberattack risks.
Advisors/counsel/support: D.A. Davidson and Ampleo served as financial advisors to HeroDevs, and Foley & Lardner served as legal advisor to HeroDevs. And Weil, Gotshal & Manges served as legal advisor to PSG.
KEY QUOTES:
“In our view, open source software runs the world. Through this investment, we’re doubling down on our mission of ensuring everyone—from developers to startups to enterprises and governments—has the tools and support to stay safe and compliant, even when they find themselves stuck running end-of-life open source software. We believe that the lifeline we provide to our customers saves them thousands of hours and hundreds of millions of dollars, not to mention the loss in trust that comes from security breaches. Our team is proud to use this investment to solve two of the biggest challenges we face in the open source software community: funding the next generation of open source development and improving visibility around end-of-life security risks.”
Aaron Frost, Founder and CEO of HeroDevs
“The acceleration of the adoption of open source software across enterprises highlights the growing demand for solutions that not only help companies meet strict security and compliance standards but also aim to preserve and strengthen the value of the broader open source ecosystem. We believe the platform Aaron and the HeroDevs team have built empowers enterprises to secure vulnerable areas of software applications’ code without disrupting operations, while also fostering continued innovation across the open source community.”
Marco Ferrari, Managing Director and Co-Head of North America, and Paul Russ, Principal, at PSG
