Paernu-based cybersecurity startup Patchstack has raised $5M in a Series A funding round led by Karma Ventures, with additional investment from G+D Ventures and Emilia Capital. Patchstack focuses on open-source security, providing tools for developers to quickly identify and mitigate vulnerabilities without altering application code. The funding will be used to further product development, expand into new markets, and support compliance with the upcoming EU Cyber Resilience Act, which mandates stronger cybersecurity measures for software products. The company aims to address growing security challenges in the open-source ecosystem.
Patchstack focuses on improving security in open-source software by providing tools for identifying and mitigating vulnerabilities. Their platform allows developers to detect security risks in real time and automatically apply patches without altering the underlying code. Patchstack has also implemented a Vulnerability Disclosure Program for WordPress plugins, encouraging ethical hackers to report security issues. With the upcoming EU Cyber Resilience Act introducing stricter cybersecurity requirements, Patchstack’s technology is designed to help organizations comply with these regulations while addressing the ongoing challenges of open-source software security.
“I have been following Patchstack’s progress for some time, have had many great discussions with Oliver, and think that the team is on a noble and exciting mission to protect users of open-source technologies from cyber threats. I’m really glad that Oliver and his team chose to partner with Karma Ventures and I’m looking forward to working on this opportunity together with the team and our co-investors,” said Kristjan Laanemaa from Karma Ventures.
“We are pleased to join Patchstack’s vision of automating open-source software security with its unique approach of proactively protecting applications against vulnerabilities. We are particularly impressed by Patchstack’s exceptional leadership and remarkable talent, alongside its focus on delivering value based on the quality and execution for its customers and partners. We look forward to a hands-on partnership with both the Patchstack team and investors, shaping a more secure digital future together,” stated Alberto Pérez Arranz from G+D Ventures.
“We are a small yet very effective team. With the data and technology we possess, we believe we could potentially hyper-automate the entire open-source software security process,” said co-founder and CEO Oliver Sild. “Two years ago, the European Innovation Council supported our R&D efforts with a 2 million EUR grant, which then allowed us to build an amazing product and grow our recurring revenue organically two to three times annually. Now, with the Series A, we plan to accelerate Patchstack product development and build a top-level sales and marketing team,” he added.
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Read the orginal article: https://arcticstartup.com/patchstack-raises-5m-series-a/
