HeroDevs, a software security company that provides compliance solutions for unsupported open source software (OSS), has raised $125m in strategic growth investment.
The round was led by PSG, a growth equity firm focused on scaling software and tech-enabled services businesses. Existing investor Album also participated in the raise.
HeroDevs specialises in securing outdated or deprecated OSS components that are still widely used across enterprise IT systems. With OSS adoption accelerating—particularly due to the rise of AI—the risks of using unmaintained libraries and tools have also grown. According to research cited by the company, 86% of commercial codebases include OSS with known vulnerabilities.
The new capital will be used to enhance HeroDevs’ Never-Ending Support offering, a service that provides secure and compliant drop-in replacements for unsupported OSS components. The solution helps organisations reduce exposure to cyber threats without forcing them to rebuild critical systems from scratch.
A portion of the funding—$20m—has been earmarked for HeroDevs’ Open Source Sustainability Fund. This initiative will offer grants between $2,500 and $250,000 to OSS developers and projects that follow strong security protocols, especially when announcing the end-of-life for legacy software versions. Applications are now open.
HeroDevs has already donated $4m to the OSS community, including $2m in 2024 alone, reinforcing its commitment to open source sustainability.
HeroDevs CEO Aaron Frost said, “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.”
PSG managing director and co-head of North America Marco Ferrari, and PSG principal Paul Russ, added, “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.”
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