Israeli open source security management company WhiteSource has announced a $35 million financing round led by Susquehanna Growth Equity, with participation by existing investors 83North and M12 - Microsoft Ventures. The company has raised $46 million to date including this latest financing round.
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. With the latest funding, WhiteSource plans to focus on serving the enterprise market where leading customers such as Microsoft, IBM, Comcast and KPMG already leverage the WhiteSource platform.
Open source has become the main building block in modern applications, and it is almost impossible to develop software at today's pace without it. However, as the open source community grows, and the number of reported vulnerabilities keeps climbing, manually verifying the security and compliance of open source components can no longer provide the necessary control over the security of these components.
Sass said, "We are now at a stage where the question is not whether or not to use open source components, but how to put in place the solutions and policies to manage them well. Microsoft's acquisition of GitHub for $7.5 billion showcases that companies have accepted open source as crucial to the software development process, but incidents such as the Equifax data breach underscore the necessity for all companies to protect their products from attacks that would exploit the open source components they are using." "WhiteSource has established the standard for open source security solutions with its strong leadership and breakthrough innovation," said Martin Angert, Director at Susquehanna Growth Equity. "We are excited to join WhiteSource on their journey to help businesses develop better software, faster." With offices in Tel Aviv, New York, and Boston, WhiteSource is planning to further expand its reach with the opening of sales, marketing and customer support operations in London and San Francisco as well as additional locations.
Published by Globes, Israel business news - en.globes.co.il - on October 17, 2018
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