Prosperity7 Ventures, Neotribe, and Hitachi
Ventures to support global expansion and technological advancement
in the face of increasing cybersecurity threats and regulatory
compliance needs
Lineaje, a leader and pioneering force in continuous software
supply chain security management, today announced a landmark $20
million Series A funding round led by Prosperity7 Ventures,
Neotribe, and Hitachi Ventures, alongside existing investor Tenable
Ventures. This significant investment underscores the escalating
global demand for robust software supply chain security solutions,
recognizing Lineaje's innovative approach to addressing the
critical challenges faced by enterprises across diverse
industries.
This round also includes participation from Carahsoft, the
world’s largest software distributor serving the U.S. Government,
alongside Wipro Ventures, Secure Octane Investments, J-Ventures and
Alumni Ventures. With additional contributions from executives at
Zscaler, CrowdStrike, and Trellix, this investment brings Lineaje’s
total funding to $27 million. Lineaje will leverage the new
investment to accelerate customer acquisition and fortify its
AI-powered platform, expanding its innovative BOMbots insights and
introducing new advancements to autonomously resolve software
supply chain issues.
Software Supply Chain Security is a Global Strategic
Imperative
Recent Lineaje research reveals that an average of 250
components with unknown origins lurk within every application,
creating significant points of exposure for the software supply
chain. This discovery is further amplified by high-profile
incidents like the SolarWinds breach, the widespread 3CX
compromise, the XZ supply chain attack, and even the recent
CrowdStrike incident involving a flawed software update. The
persistence of critical vulnerabilities like Log4J, embedded within
countless applications years after discovery, underscores the
ongoing threat and the consequential impact of operational
disruptions, reputational damages, and financial burdens. In fact,
as per Gartner,
“Attacks on the software supply chain, including both proprietary
and commercial code, pose significant security, regulatory and
operational risks to organizations. A source estimates costs from
these attacks will rise from $46 billion in 2023 to $138 billion by
2031.”1
“This funding marks a pivotal moment for Lineaje as we spearhead
the global transformation in software supply chain security and
management. Our mission is to empower both public and private
sector organizations to effortlessly maintain and secure their
entire software ecosystems,” said Javed Hasan, CEO of
Lineaje. “A key focus will be advancing our Lineaje AI
capabilities to deliver known, secure open-source software to
organizations, dramatically reducing enterprise software
maintenance investments. With great global partners joining the
round, we now have both the relationships and the capital necessary
to drive global business for our award-winning product
portfolio.”
Innovation Unleashed: Pioneering Investors Spearhead Software
Supply Chain Security
The global reach of a secure software supply chain aligns with
Prosperity7 Ventures’ values of market expansion and
transformation. Extending its influence beyond capital,
Neotribe also offers strategic mentorship crucial for
success. As AI and machine learning drive unprecedented
technological advances, Hitachi Ventures aims to support
world-class innovators at the forefront of complex problem solving.
Investors are also keen on Lineaje’s ability to reduce the
financial burden from software supply chain attacks and its
operational continuity as compelling reasons in their
investment.
"We view software supply chain attacks as an existential threat
to modern enterprises. Lineaje's comprehensive approach, going
beyond point solutions to holistically address software security
from development to deployment, truly sets them apart,” said
Abhishek Shukla, managing director, Prosperity7 Ventures.
“We are proud to support Lineaje as they revolutionize this crucial
aspect of cybersecurity and safeguard the digital ecosystems that
underpin our global economy."
“At Hitachi Ventures, we invest in solutions that tackle the
world's most pressing challenges and promote sustainability. The
importance of software in critical infrastructure is undeniable,
and the threat of software supply chain tampering is significant.
We believe Lineaje is uniquely positioned to address this issue and
can significantly enhance global security,” said Gayathri
Radhakrishnan, partner, Hitachi Ventures.
“As a top government IT solutions provider and an investor in
Lineaje, Carahsoft recognizes the transformative potential of
software supply chain maintenance and security management
technologies in advancing our mission-critical capabilities,” said
Craig P. Abod, Carahsoft President. “We are excited to go to
market with Lineaje’s cutting-edge solutions that redefine
efficiency and security in government operations and to leverage
their expertise to drive forward-thinking solutions that meet the
evolving needs of our customers.”
Track Record of Achievements and Accolades
Since the company’s inception in 2021, Lineaje has redefined
software supply chain quality management and security, as evidenced
by:
- A multitude of industry-firsts: software bill of materials
(SBOM) manager (SBOM360), SBOM repository (SBOM360 Hub), and a
solution that brings transparency to open-source components (Open
Source Manager) using Lineaje AI’s BOMbots.
- Partnerships with significant distributors, such as Persistent
Systems and KPMG in India
- Lineaje SBOM360 being awarded the Department of the U.S. Air
Force’s (DAF) coveted Small Business Technology Transfer (STTR)
Phase 1 Contract.
- Recognition in multiple awards programs, including CRN Stellar
Startups, Intellyx Digital Innovators, Global InfoSec Awards, and
Cybersecurity Excellence Awards.
"Lineaje is at the vanguard of a vitally important and emerging
software category–continuous software supply chain security. This
space is multiplying, as companies across all sectors are
increasingly combining in-house, third-party, and open-source
software across their organization,” said Rebecca Mitchem,
partner at Neotribe. “Without visibility into code across all
these sources, they may find themselves at risk, which has sparked
the need for an in-depth and effective solution. We see Lineaje as
a natural sector leader because of its unique product that delivers
unprecedented visibility into a company's entire software supply
chain. We are thrilled to back the vision of Javed Hasan and Anand
Revashetti, two world-class operators who've converted their
firsthand experience of this problem into a product the market
loves."
Learn More at the Black Hat Conference 2024
On Tuesday, August 6 at Black Hat USA 2024 in Las Vegas, Lineaje
will host its inaugural Software Supply Chain Summit. The event
will feature an elite group of industry leaders from companies such
as Fannie Mae, Mitre, Trellix, and more, speaking about key
challenges and emerging trends in the software supply chain and
open-source security spaces.
Further details on the summit and sign-up process include:
https://www.lineaje.com/the-software-supply-chain-security-summit-at-black-hat-2024
Lineaje will also be available for briefings and demos at Black
Hat at Startup City, Booth #SC212.
1Gartner,
Leader’s Guide to Software Supply Chain Security, By Dale Gardner,
Manjunath Bhat, 20 June 2024. GARTNER is a registered trademark and
service mark of Gartner, Inc. and/or its affiliates in the U.S. and
internationally and is used herein with permission. All rights
reserved.
About Lineaje
Lineaje provides a comprehensive governance platform for
Software Supply Chain Security Management to companies that source,
build, buy, or use software applications. The software supply chain
contributes 95% of a company’s digital risk, with 56% of supply
chain vulnerabilities remaining unpatched or going unfixed–exposing
organizations and customers to cyberattacks. The Lineaje portfolio
secures companies from these attacks and enables compliance through
four integrated products: SBOM360, SBOM360Hub, Open Source Manager
(OSM), and Third Party Risk Management (TPRM). Lineaje empowers
organizations to secure their software by mitigating risk and
staying compliant–maintaining trust, transparency, and cost savings
as a result.
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version on businesswire.com: https://www.businesswire.com/news/home/20240730153777/en/
Fabienne Dawson fabienne_dawson@lineaje.com
Alyssa Pallotti lineaje@touchdownpr.com