HeroDevs lands $125M growth funding from PSG and Album

Key Takeaways

Sector: Technology Software & Gaming.
Geography: United States.

Analysis

HeroDevs, a leader in securing and supporting deprecated open source software (OSS), has announced a $125 million strategic growth investment led by PSG, with participation from existing investor Album. The investment, one of the largest in Utah in 2025, will support HeroDevs’ mission to protect enterprise infrastructure running end-of-life software and expand its Never-Ending Support (NES) platform.

HeroDevs addresses a growing challenge in enterprise technology stacks: the proliferation of unsupported OSS components. With the average codebase now containing 911 OSS components, and 86% containing known vulnerabilities (according to Black Duck), businesses face significant security and compliance risks. Qualys further reports that 48% of vulnerabilities stem from obsolete OSS dependencies.

The new capital will be used to enhance HeroDevs' core platform that offers secure, non-disruptive upgrades for deprecated OSS such as AngularJS, .NET, and Spring. These solutions allow enterprises to remain secure and compliant without overhauling existing applications. Clients span critical sectors such as finance, healthcare, and government, and include nearly one-third of the Fortune 100.

As part of the funding, HeroDevs is allocating $20 million to the newly announced Open Source Sustainability Fund, which will provide grants of $2,500 to $250,000 to open source creators and maintainers. Applicants must demonstrate community adoption, follow security best practices, and adhere to responsible end-of-life deprecation procedures. The fund builds on HeroDevs’ previous commitments, including $4 million donated to OSS projects to date, with $2 million distributed in 2024 alone.

Founded by Aaron Frost, HeroDevs positions itself as a critical layer in the modern software supply chain, ensuring long-term safety for software that underpins essential infrastructure. Frost stated that the investment would help address two major industry problems: funding OSS sustainability and improving end-of-life risk visibility. The company aims to help developers and enterprises alike maintain secure environments amid ongoing dependency challenges.

PSG, a growth equity firm with a portfolio of over 150 software and tech-enabled services companies and more than 520 add-on acquisitions, brings significant experience in scaling companies across the enterprise software space. According to Marco Ferrari and Paul Russ of PSG, the HeroDevs platform is uniquely positioned to serve enterprises looking to balance security, compliance, and continuity without software disruption.

This deal follows other notable 2025 PSG transactions, including investments in Checkmk, a German IT infrastructure monitoring vendor, and Glasswall, a UK-based content threat protection firm. Each investment reflects PSG’s focus on growth-stage companies addressing complex software and cybersecurity challenges.

More broadly, 2025 has seen an uptick in growth capital toward cybersecurity and infrastructure resilience. Vanta, a compliance automation platform, raised $150 million in July, boosting its valuation to $4.15 billion. Meanwhile, Invictus Growth Partners closed its second fund at $574 million, targeting security-focused lower middle market software firms. These trends highlight sustained investor appetite for software that secures digital operations as enterprise adoption of OSS accelerates.

D.A. Davidson and Ampleo advised HeroDevs on the transaction, with legal counsel from Foley & Lardner LLP. Weil, Gotshal & Manges LLP advised PSG.