Software supply chain security firm Cloudsmith raised $23 million in new funding.
The Series B round will help the company fund artificial intelligence research and development, invest in software supply chain security product innovations, and expand its sales, marketing and customer success teams, according to a Monday (March 3) press release.
“Enterprises are racing to secure and control their software supply chain as software threats and compliance pressures mount,” the release said. “Over 90% of a typical enterprise software application is sourced from open-source and third-party code, making binary artifact security as critical as source code scanning.”
“Software supply chain security is now imperative at the CEO level,” the release said. “Developers, platform engineering teams, and DevOps teams need to be able to rely on a centralized artifact management platform that can scale across a global enterprise.”
Cloudsmith’s cloud-native platform provides a “standardized, compliance-driven approach to artifact management across hundreds of developer teams using disparate formats, programming languages and technologies,” according to the release.
“The way software is built is fundamentally changing, making artifact management mission-critical for developers, cybersecurity professionals and platform engineers alike,” Cloudsmith CEO Glenn Weinstein said in the release. “Enterprises need real-time observability, security and control over their software supply chain. This new investment will help us to keep scaling up to meet the needs of the world’s largest and most complex organizations.”
As digital platforms transform traditional supply chain operations, cybersecurity is necessary for firms looking to keep their operations running like clockwork. Companies embracing digital supply chains must balance protecting their operations and promoting innovation.
Alicja Cade, director in the Office of the CISO at Google Cloud, told PYMNTS in October that cybersecurity needs to be “baked into the DNA” of a business. It cannot be siloed within the IT department, rather it must be woven throughout every part of the organization.
“As supply chains become more digital and interconnected, the stakes will only grow higher,” PYMNTS wrote in November.
Companies must strike a balance between using technology to drive efficiency and fortifying their networks against ongoing cyber threats.
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