FOSSA, an open source management company, has bagged $8.5m in its Series A round which was led by Bain Capital Ventures and Costanoa Ventures.
Other contributions to the round came from Norwest Venture Partners. Having closed the Series A, the startup has raised a total of $11m in equity.
With this capital, the company will look to accelerate the product development, expand enterprise features and drive overall corporate growth.
According to a study from SiliconANGLE, around 90% of organizations use open source software and a survey from Red Hat claims 99% of IT professionals indicate open source software is important in the enterprise. Being widely used, there are security, licensing and quality issues which need to be addressed, which is where FOSSA aims to help.
The company automates the workflow of open source management from within and outside of the software development lifecycle. Its end-to-end management for third-party code helps firms meet license compliance and safeguard against vulnerabilities.
To meet compliance, the platform continuously analyses the code with deep code screening, real-time alerts, and automated attribution and reports. To help with security, the company automatically scans, patches and secures open source dependences.
FOSSA CEO Kevin Wang said, “We built FOSSA as an open source project with developers in mind,” “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.”
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