HeroDevs, a provider of security and compliance tools for deprecated open source software, has secured a $125m strategic growth investment from PSG. Existing investor Album also participated in the round.
The Utah-based company says the capital will support expansion of its Never-Ending Support platform, which helps enterprises replace unsupported open source software (OSS) with secure, maintained alternatives.
As part of the investment, HeroDevs will allocate $20m to its newly launched Open Source Sustainability Fund, aimed at supporting open source creators, maintainers, and projects that adhere to end-of-life security practices. Grants will range from $2,500 to $250,000. Applications are now open via herodevs.com.
To date, HeroDevs has donated $4m to the open source community, including $2m in 2024 alone.
DA Davidson and Ampleo advised HeroDevs on the transaction. Foley & Lardner acted as legal counsel to the company, while Weil, Gotshal & Manges advised PSG.
