Chainguard, a high-flying security startup founded by a team of former Google software engineers, has banked $61 million in new financing as investors continue to make hefty wagers on companies in the supply chain security space.
The Kirkland, Wash. company said the $61 million Series B was led by Spark Capital. Previous investors Sequoia Capital, Amplify Partners, The Chainsmoker’s Mantis VC, and Banana Capital also expanded equity positions.
Chainguard has raised a whopping $116 million in venture capital investments since launching in December 2021 with ambitious plans to disrupt the open source software security business.
The company says it has found traction for Chainguard Images, its flagship product that provides developers with a collection of container images designed for security and minimalism.
In the second half of this year, Chainguard said its annual recurring revenue (ARR) has tripled via a growing customer base that includes Fortune 500 companies and technology providers, including GitGuardian, Hewlett Packard Enterprise, Sourcegraph, Snowflake and Replicated.
“The future is clear – if you adopt open source software you are responsible for securing it,” Chainguard chief executive Dan Lorenc said, noting that open source security has not kept pace with the dramatic growth in adoption of open source software and components.
He said Chainguard has expanded its Images product to include a growing inventory of secure container images with over a million image builds, and also includes an API for customers to understand changes in vulnerability status from Image version to version and critical software supply chain security requirements like Software Bill of Materials (SBOMs) and software signatures.
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