FOSSA closes its Series B on £23.2m to support new product launch

Open source management company FOSSA has closed its Series B round on $23.2m to support the release of its Security Management service.

The capital was supplied by Bain Capital Ventures, Canvas Ventures and Costanoa Ventures.

In tandem with the round close, FOSSA has launched its Security Management tool, which enables enterprises to identify, control and remediate open source vulnerabilities without slowing software delivery. Organisations can actively monitor their open source software for vulnerability and license risks and take measure to rectify this.

The company is looking to continue its expansion into the EMEA.

A report from Gartner claims open source will account for 90% of total code in 90% of software un development and production. With such a high usage, companies need to ensure they have strong open source risk management and mitigation.

FOSSA delivers an automated policy engine for security management, license compliance and code quality across the open source stack.

FOSSA CEO and founder Kevin Wang said, “Since our last round of funding, we’ve been heads-down driving product innovation and enterprise customer adoption. And our hard work is paying off. Since we first launched our commercial product two years ago, FOSSA has grown to become the most comprehensive policy engine for open source management.

“We’ve seen revenue accelerate significantly in the past year, enabling new investments to become a world-class software composition analysis solution with an expanded global presence. I look forward to working with our amazing VC partners and customers through our next phase of growth.”

With the close of the round, FOSSA has raised a total of $35m in funding since it was founded.

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