Chainguard Raises $356M, Valuation Hits $3.5B

Chainguard, a cybersecurity startup founded by ex-Google engineers, has raised $356 million in a Series D round led by Kleiner Perkins and IVP, bringing its total funding to $612 million and valuing the company at $3.5 billion. The new investment follows a $140 million Series C round less than a year ago and reflects rapid company growth. Chainguard specializes in securing open-source software supply chains, offering hardened containers, virtual machines, and libraries, with a catalog expanding from 400 to 1,400 images in the past year. Its automated software factory now patches and signs more than 13,000 upstream open-source packages, assisting clients such as Hewlett Packard Enterprise, Snowflake, Canva, and GitLab. The company has grown its annual recurring revenue from $5 million to $40 million and projects surpassing $100 million by 2025. The surge in funding highlights growing demand for supply chain security amid recent high-profile open source vulnerabilities and attacks.