Lineaje raises USD $20 million in Series A to boost security
Lineaje has successfully raised USD $20 million in a Series A funding round, positioning the company for significant growth and development in the software supply chain security sector. This funding round was led by Prosperity7 Ventures, Neotribe, and Hitachi Ventures, with additional support from existing investor Tenable Ventures. Other participants in this round include Carahsoft, Wipro Ventures, Secure Octane Investments, J-Ventures, and Alumni Ventures, along with executives from Zscaler, CrowdStrike, and Trellix. This new investment increases Lineaje's total funding to USD $27 million.
Lineaje aims to utilise this funding to enhance its customer acquisition efforts and fortify its AI-driven platform. Planned advancements include expanding its BOMbots insights and introducing new solutions to autonomously resolve software supply chain issues. CEO of Lineaje, Javed Hasan, noted, "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 organisations to effortlessly maintain and secure their entire software ecosystems."
Research conducted by Lineaje highlights the significant risks associated with the modern software supply chain. The findings show that an average of 250 components with unknown origins are present in every application, leading to substantial exposure risks. High-profile incidents such as the SolarWinds breach and the 3CX compromise have brought these vulnerabilities into sharp focus. Additionally, persistent issues like the Log4J vulnerability, despite being discovered years ago, continue to present operational, reputational, and financial threats to organisations.
The strategic importance of software supply chain security has been echoed by various industry leaders. Abhishek Shukla, Managing Director at Prosperity7 Ventures, said, "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."
Gayathri Radhakrishnan, Partner at Hitachi Ventures, added, "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."
Carahsoft President Craig P. Abod, who also participated in the funding round, stated, "As a top government IT solutions provider and an investor in Lineaje, Carahsoft recognises the transformative potential of software supply chain maintenance and security management technologies in advancing our mission-critical capabilities. We are excited to go to market with Lineaje's cutting-edge solutions that redefine efficiency and security in government operations."
Since its inception in 2021, Lineaje has achieved several milestones in the field of software supply chain security and management. These include the development of industry-first solutions such as the software bill of materials (SBOM) manager SBOM360, the SBOM repository SBOM360 Hub, and the Open Source Manager. The company has also established partnerships with significant distributors like Persistent Systems and KPMG in India. Lineaje's SBOM360 has been awarded the Department of the US Air Force's Small Business Technology Transfer Phase 1 Contract, and the company has received multiple accolades, including recognitions in CRN Stellar Startups, Intellyx Digital Innovators, Global InfoSec Awards, and Cybersecurity Excellence Awards.
Rebecca Mitchem, Partner at Neotribe, summarised the industry's sentiments: "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 organisation. 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."
