Investment titan PSG contributes $125 million to accelerate HeroDevs' expansion strategy
HeroDevs Secures $125 Million Investment for Enhanced Open Source Security
HeroDevs, a leading provider of security solutions for deprecated open-source software (OSS), has secured a strategic growth investment of $125 million from private equity firms PSG and Album. This investment aims to significantly bolster HeroDevs' offerings, ensuring the continued security and compliance of critical but end-of-life technologies for enterprises [2][3][4].
Key aspects of the investment include:
- Dedicated Capital: Out of the total, HeroDevs is allocating $20 million towards an Open Source Sustainability Fund, which supports open-source creators, maintainers, and projects following end-of-life best practices to promote long-term OSS health and security [3].
- Market Leadership and Growth: The funding from PSG marks one of Utah's largest investments in 2025 and will fuel HeroDevs' growth as a leading provider of security for deprecated OSS, reflecting strong investor confidence in their approach and technology [2][3].
- Enterprise Protection and Compliance: By securing legacy applications against vulnerabilities, such as the AngularJS ReDoS vulnerability, HeroDevs helps organizations avoid audit failures, stalled deals, and costly remediation linked to unsupported open-source components [2].
- Strategic Importance: Deprecated OSS often introduces security risks and compliance challenges for enterprises using these technologies beyond official support periods. HeroDevs' solutions enable enterprises to maintain operational continuity and manage legal and security risks associated with outdated software dependencies [2][3].
Marco Ferrari and Paul Russ, from PSG, believe that the platform HeroDevs has built empowers enterprises to secure vulnerable areas of software applications' code without disrupting operations [4]. The funding will be used to enhance HeroDevs' Never-Ending Support solutions for secure alternatives to vulnerable OSS versions [4].
The Open Source Sustainability Fund, open for applications, offers donations ranging from $2,500 to $250,000. A Qualys report indicates that 48% of vulnerabilities in OSS originate from unsupported OSS, underscoring the importance of HeroDevs' mission [1].
HeroDevs donates a portion of its revenue to open-source creators and projects, with $4 million donated to date and $2 million planned for 2024 [4]. The investment aims to preserve and strengthen the value of the broader open source ecosystem [4].
Aaron Frost, Founder and CEO of HeroDevs, stated that the investment will help fund the next generation of open source development and improve visibility around end-of-life security risks [4]. Foley & Lardner served as legal advisor to HeroDevs, while Weil, Gotshal & Manges served as legal advisor to PSG [4]. D.A. Davidson and Ampleo served as financial advisors to HeroDevs [4].
The funding will help enterprises protect their infrastructure without overhauling applications, thereby mitigating data breach and cyberattack risks. By focusing on solving two of the biggest challenges in the open source software community—funding the next generation of open source development and improving visibility around end-of-life security risks—HeroDevs' investment marks a significant step forward in enhancing enterprise cybersecurity and compliance landscapes [4].
The Open Source Sustainability Fund targets projects with strong community support and compliance with security standards [4]. The investment from PSG and Album will help HeroDevs' mission of ensuring everyone has the tools and support to stay safe and compliant, even when they find themselves running end-of-life open source software [4].
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