SARATOGA, Calif.--(BUSINESS WIRE)--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.
