Home industry startups Lineaje Secures $20M to Combat Software Supply Chain Threats
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CIO Bulletin
2024-07-31
Lineaje raises $20M Series A funding to enhance tools for detecting and qualifying software supply chain vulnerabilities.
A $20 million Series A fundraising round has been successfully closed by the cybersecurity company Lineaje, strengthening its platform for software supply chain risk management. Javed Hasan and Anand Revashetti formed the company in 2021 with the goal of addressing the growing risks that attack open-source software and third-party services that are essential to current tech stacks.
A recent Ponemon Institute report highlights that over 50% of organizations have faced software supply chain attacks, with significant financial repercussions projected to reach nearly $81 billion by 2026, according to Juniper Research. This crisis has prompted the White House to prioritize software supply chain security as a national issue, underscored by new executive orders establishing mitigatory standards.
Lineaje’s platform is designed to identify tampered or outdated software, offering recommendations for fixes and alerting users about potential issues that could disrupt their systems. This approach is crucial as organizations, including government agencies, struggle with vulnerabilities like those found in Apache’s Log4j2.
The Series A funding will support Lineaje’s expansion, including increasing its workforce from 30 to 60 employees by year-end and securing more U.S. public sector contracts. The investment round was co-led by Prosperity7 Ventures, Neotribe, and Hitachi, with additional support from Tenable Ventures, Carahsoft, Wipro Ventures, SecureOctane, and AlumniVentures.
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