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Open source security and compliance startup HeroDevs locked up a $125 million growth investment from PSG, founder and CEO Aaron Frost tells Axios Pro.

Why it matters: Unsupported open source software can expose companies to security and compliance risks once official support ends.

How it works: Many enterprises need to keep using that software for legal and compliance reasons, but have few options on how to make sure it's still safe.

HeroDevs provides secure replacements for it, allowing users to plan software transitions at their own pace.

Zoom in: Existing investor Album also participated in the growth investment. 

HeroDevs is dedicating $20 million of the raise towards its Open Source Sustainability Fund to help open source creators and projects that follow the best practices to retire software lines.

The company raised an $8 million seed round in 2023.

Zoom out: The Salt Lake City-based — but fully remote — company has more than 1,100 customers, including Microsoft, the PGA and Capital One.

No valuation is being released with this round, but HeroDevs has experienced 40% revenue growth each of the last two years and is on pace to best that this year, per Frost.

What they're saying: "This secures the company and our future, and allows open source end-of-life software to have a home," Frost says.

Exclusive: HeroDevs raises a $125M round led by PSG

PSG led the large growth round for the open source security and compliance startup.

an illustration of a lock in front of colorful rectangles overlaid with money

Open source security and compliance startup HeroDevs locked up a $125 million growth investment from PSG, founder and CEO Aaron Frost tells Axios Pro.Why it matters: Unsupported open source software can expose companies to security and compliance risks once official support ends.

Exclusive: HeroDevs raises a $125M round led by PSG

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