Israeli open source security and management company WhiteSource today announced the completion of a $75 million Series D financing led by Pitango Growth, with participation by existing investors M12, Susquehanna Growth Equity, and 83North. This latest round brings WhiteSource’s total funding to $121.2 million.
With offices in the US, UK and Israel, WhiteSource was founded in Bnei Brak near Tel Aviv by serial entrepreneurs in 2011, chairman Ron Rymon, general manager North America Azi Cohen and CEO Rami Sass, WhiteSource helps businesses harness the power of open source without compromising on security or slowing development.
Over the past three years, WhiteSource has seen a fivefold increase in customers and 800% revenue growth, reflecting the major demand by organizations developing software to effectively manage their use of open source components, with enterprise application portfolios becoming much more vulnerable to attack . WhiteSource has been fulfilling this need in application security by providing its remediation-centric solution to more than 800 companies globally, helping organizations better protect their software applications without affecting the speed of software delivery or its performance.
Sass said, "Application security needs have gone beyond just detection to include continuous prioritization and prevention, as demonstrated by recent software supply chain attacks. This investment brings us closer to creating a future where the cycle of application delivery is always a step ahead of any security risk, and where developers are easily equipped with code they can trust."
Pitango Growth managing partner Isaac Hillel, who will also be joining WhiteSource's board of directors, added, "WhiteSource has established the standard for open-source security. We are excited to support them as they strengthen their leadership and expand their platform to a complete application security solution. We have been watching their growth with great interest, and we are excited to partner with them as they embark upon their next chapter of industry leadership."
Published by Globes, Israel business news - en.globes.co.il - on April 7, 2021
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