Patchstack funding news – Estonia-based Patchstack Secures $5Million in Series A Round Funding

Karma Ventures, an early-stage venture capital fund that specializes in deep-tech software startups, led Patchstack's Series A round. Emilia Capital, the investment firm of Yoast founders Marieke van de Rakt and Joost de Valk, and G+D Ventures, a German TrustTech investor, also participated.

A major security flaw takes more than 200 days on average to fix. Patchstack offers the fastest vulnerability protection in real-time and assists developers in rapidly identifying, prioritizing, and automatically mitigating new vulnerabilities. Patchstack maintains the complete integrity of the program by integrating their vulnerability intelligence with application vPatching technology, which eliminates the need for code modifications or user interaction.

The company has now made available a free tool for open-source software vendors co-funded by the EU, which assists commercial initiatives in early compliance with the impending Cyber Resilience Act. The Cyber Resilience Act's final draft was approved in March 2024, and later this year, it is anticipated to become law.

By requiring incident reports and automated security updates for items with digital components sold in the EU, the Cyber Resilience Act (CRA) is an EU regulation aimed at enhancing cybersecurity and cyber resilience within the EU.

Currently, millions of vulnerability attacks are stopped by it's vulnerability mitigation, and over five million websites are examined using its vulnerability intelligence. Among their many current clients are GoDaddy, Plesk/cPanel, Digital Ocean, and numerous others.

Although the company's initial product was designed for WordPress, the most popular open-source content management system in the world and the engine behind over 40% of all websites, it is getting ready to support additional CMSs and has aspirations to grow into the larger open-source software community.

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One special advantage of it is its access to vulnerability information. The organization attracted thousands of ethical hackers to discover and disclose new security flaws when it introduced its first gamified bug bounty program and oversaw the Vulnerability Disclosure Program (VDP) for WordPress plugins. Because of the success of this program, Patchstack is now the largest CVE (Common Vulnerabilities and Exposures) Naming Authority by volume in 2023 and the top provider of open-source security intelligence.

In 2016, the creators of it crossed paths in a PHP Security subreddit. At that point, Dave Jong, the CTO, was testing web applications for vulnerabilities, while Oliver Sild, the CEO, was handling incident response and malware research. Since then, they have been developing Patchstack.

Kristjan Laanemaa from Karma Ventures said, “I have been following Patchstack’s progress for some time, have had many great discussions with Oliver, and think that the team is on a noble and exciting mission to protect users of open-source technologies from cyber threats. I’m really glad that Oliver and his team chose to partner with Karma Ventures and I’m looking forward to working on this opportunity together with the team and our co-investors,”.

Patchstack wants to be the industry leader in open-source software security and assist businesses and software providers in meeting the requirements of the impending European Cyber Resilience Act. The legislation, which mandates that businesses have vulnerability management and software supply chain supervision, greatly increases the momentum and customer need for Patchstack. Furthermore, VDP programs—which Patchstack offers since they cover the whole lifespan of vulnerabilities in open-source software—are essential for software developers.

Alberto Pérez Arranz from G+D Ventures said, “We are pleased to join Patchstack’s vision of automating open-source software security with its unique approach of proactively protecting applications against vulnerabilities. We are particularly impressed by Patchstack’s exceptional leadership and remarkable talent, alongside its focus on delivering value based on the quality and execution for its customers and partners. We look forward to a hands-on partnership with both the Patchstack team and investors, shaping a more secure digital future together,”.

About Patchstack

Patchstack: Creating a community around security inside the WordPress ecosystem and guarding against plugin vulnerabilities on websites.