Chainguard, a leading software security company, has successfully completed a Series C round of funding, raising a total of $140 million. The funding was led by prominent investors such as Redpoint Ventures, Lightspeed Venture Partners, and IVP, with existing investors like Amplify, Mantis VC, Sequoia Capital, and Spark Capital also participating in the round. This new funding brings the company’s total raised capital to an impressive $256 million, highlighting the growing demand for its innovative solutions.
The company’s flagship product, Chainguard Images, has experienced remarkable growth in the enterprise sector, with a more than 5X increase in customer base year-over-year and a substantial 175 percent increase in Annual Recurring Revenue (ARR) in the first six months of the fiscal year. In response to this increasing demand, Chainguard has doubled its employee base over the past year to better support its customers and ensure the widespread adoption of its products.
With a current valuation of $1.12 billion, Chainguard is focused on expanding its product offerings, particularly in safeguarding emerging technologies such as AI workloads. The company is also ramping up its international operations and growing its Federal business to better serve customers seeking to comply with software security regulations.
CEO of Chainguard, Dan Lorenc, emphasized the importance of aligning developer and security priorities in the adoption of open source software securely. He highlighted the challenges posed by the complexity and scale of vulnerability management, stating that most organizations struggle to address these issues effectively on their own. Chainguard aims to provide a secure foundation for developers, enabling them to focus on writing high-quality software with confidence.
The company’s latest offering, Chainguard AI Images, includes a suite of CPU and GPU-enabled container images designed to enhance software development efficiency and security. These images, such as Pytorch, Conda, and Kafka, are hardened and optimized for optimal performance. Additionally, Chainguard offers GPU-enabled images with secure configurations to facilitate the deployment of AI applications with minimal vulnerabilities.
Major technology companies like Anduril, Canva, Hewlett Packard Enterprise, and Snowflake, as well as cybersecurity firms Checkmarx, Cyera, and Wiz, rely on Chainguard’s secure container images to bolster their software supply chains and address vulnerabilities effectively.
In addition to product enhancements, Chainguard is actively expanding its leadership team to drive its growth trajectory. Notable hires include Kendra Mitchell as the Vice President of People and Caitlin Quinlan as the Senior Vice President of Go-to-Market Strategy. The company has also partnered with Kerrest & Company to receive advisory services for scaling operations.
The strong investor support and customer testimonials attest to Chainguard’s position as a leader in software security. As the company continues to innovate and expand its offerings, it remains committed to providing secure solutions for a wide range of industries, including federal and regulated sectors. With a focus on driving innovation and addressing critical security priorities, Chainguard is poised to remain at the forefront of enterprise data security solutions.