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Chainguard Raises $140M to Drive AI Support, Global Growth

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3rd Party Risk Management
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Application Security
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Artificial Intelligence & Machine Learning

Company Seeks to Expand Globally and Grow Its US Public Sector Presence

Michael Novinson (MichaelNovinson) •
July 25, 2024    

Chainguard Raises $140M to Drive AI Support, Global Growth
Dan Lorenc, co-founder and CEO, Chainguard (Image: Chainguard)

A supply chain security startup led by an ex-Google Cloud engineer closed a Series C round to support AI workloads and expand its open-source software catalog.

See Also: Safeguarding against GenAI Cyberthreats with Zero Trust

Kirkland, Washington-based Chainguard raised $140 million just eight months after completing a $61 million Series B funding round, tripling its valuation to $1.12 billion in the process. Co-founder and CEO Dan Lorenc said the company has seen increased demand for its services and a strong performance in recent quarters, with a focus on automation and the development of a comprehensive software factory.

Chainguard, founded in 2021, employs 152 people and has raised $256 million across four rounds of outside funding. Prior to founding Chainguard, Lorenc spent nearly nine years working on the infrastructure behind the Google Cloud platform. The firm brought in ex-Okta and Wiz Chief Marketing Officer Ryan Carlson to spearhead sales, marketing and customer success as Chainguard’s president.

Chainguard is also set to enhance its sales and marketing efforts, with plans to expand internationally in Europe and grow its presence in the U.S. public sector. The company aims to leverage this funding to maintain its momentum and continue delivering high-performance, secure solutions to its customers. The latest round of funding was led by Redpoint Ventures, Lightspeed Venture Partners and JVP (see: Chainguard Raises $61M to Protect More Open-Source Software).

“Building up those relationships lets you know who you’re going to work with long-term and lets you avoid any surprises later on,” Lorenc said.

What Makes AI Workloads So Pernicious

Lorenc attributed the company’s success to product-market fit, product readiness and positive customer feedback, creating a flywheel effect where satisfied customers recommend the product to others and increased use leads to more improvements and recommendations. The $140 million will fuel plans for aggressive hiring and increased sales through late 2025, ensuring operational stability and growth.

“The more people get their hands on our product, the more they like it, or they tell their friends, and the faster we can continue to improve the product,” Lorenc said. “So it’s a bit of catch-up, to be honest.”

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The new funds will be used to scale operations, invest in automation and Chainguard’s software factory, and support new AI workloads with GPU acceleration to deliver more value to customers, Lorenc said. Supporting AI workloads has been tough for organizations due to the high performance and complex configurations required, and Chainguard aims to simplify this through robust support and automation.

“These are low-level system drivers that you need to get working on Linux,” Lorenc said. “There are different versions of the drivers, different versions of GPUs on every single cloud. And if you don’t get it right, it’s 100X performance decrease. And this has been an area where everyone is trying to scale as fast as they can.”

Lorenc said the rapid adoption of AI workloads caught Chainguard by surprise, particularly in regulated environments and large enterprises. Securing AI workloads involves managing high-performance contexts and low-level system drivers across various GPUs and cloud environments, which Lorenc said can significantly affect performance if not done correctly.

“I thought it would be another year or so before getting thrown into regulated environments and large enterprises, but the adoption here has just surprised everyone,” Lorenc said.

Why Europe, US Public Sector Offer Promise

Customers have responded positively to Chainguard’s new AI workload support. They appreciate the increased efficiency and value but demand faster implementation and more extensive support. The company plans to use the $140 million to expand its open-source software catalog, build new projects and ramp up sales and marketing, particularly focusing on international markets and the public sector.

Chainguard will begin its international expansion in Europe due to more stringent regulations and cyber requirements as well as the need for full data control, according to Lorenc. European regulations are becoming harsher – especially regarding open-source software, which Lorenc said has made it harder to build and use open source quickly.

The U.S. public sector, meanwhile, has seen rapid container adoption, making the company’s technology a good fit for these settings, particularly with the growing use of Kubernetes in critical applications. The company aims to expand its catalog of open-source software – currently supporting around 800 images – by building new projects as they emerge rather than catching up on a backlog, according to Lorenc.

“Kubernetes is running inside of F-35s for BattleTech deployments in Afghanistan,” Lorenc said. “This stuff is everywhere, and it’s happened over the last three or four years.”

Success metrics for the Series C round will focus on growth targets over the next 18 months, Lorenc said, emphasizing rapid customer acquisition and market expansion. Lorenc said Chainguard’s primary competition comes from internal engineering teams within companies rather than external competitors since the decision to build vs. buy is the key consideration for potential customers.

“It’s most often thousands and thousands of engineers inside of companies,” Lorenc said. “We’re not really bidding against other companies. It’s build vs. buy – the decision that most of our customers have to make. And that’s something where economies of scale and investments in automation can really help.”





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    Boosting Cybersecurity for Small Businesses: Effective Strategies for Task Automation

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    Implementing Patch Management Systems

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    Enabling Multi-Factor Authentication (MFA)

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    Automating Security Auditing and Compliance

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    Deploying Automated Data Backups and Recovery

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    Educating Employees with Security Awareness Training

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    The Vital Role of Ethical Hackers in Cybersecurity

    The role of an ethical hacker is vital within the cybersecurity industry. Armed with a wealth of knowledge and experience, these experts embark on a noble quest: to uncover vulnerabilities and safeguard the integrity of digital systems. Their mission? To perform risk assessments and test the foundations of security in organizations.

    To achieve their goal, ethical hackers immerse themselves in the expanse of security breaches, exploits, and vulnerability scenarios. They leave no stone unturned. Their goal is to protect organizations from malicious attacks, ensuring that the digital fortress remains untouchable.

    Don't underestimate the importance of ethical hacking. As the world becomes increasingly interconnected, cybersecurity has never been more pressing. According to a report by Emergen Research, the cybersecurity industry is expected to expand at a compound annual growth rate (CAGR) of 12.0% to 13.4% from 2022 to 2030. This surge in demand reflects the critical importance of ethical hackers in fortifying digital infrastructure against the relentless onslaught of cyber threats.

    Embracing the Journey: Continuous Learning and Certification for Ethical Hackers

    Becoming an ethical hacker requires diverse skills and knowledge. Understanding the types of hackers is crucial, as it provides insights into how they operate. Armed with this knowledge, ethical hackers delve into cutting-edge tools and techniques. They leverage their skills to identify vulnerabilities and devise countermeasures.

    The responsibilities of an ethical hacker transcend merely identifying weaknesses. They also recommend solutions and implement robust security measures. Their expertise helps organizations fortify their defenses, minimize breaches, and protect sensitive data from falling into the wrong hands.

    The Tools of Ethical Hacking

    Curious about the tools an ethical hacker uses? They have access to a diverse range of tools. These tools allow them to probe and analyze digital systems, uncover weaknesses, and assess the resilience of security measures. While the specific tools vary based on the objectives and preferences of individual ethical hackers, there are several standard tools they employ. 

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    Another essential tool in the ethical hacker's arsenal is Metasploit. Metasploit is an open-source framework that facilitates penetration testing and vulnerability assessment. It offers a wide range of exploits, payloads, and auxiliary modules, empowering ethical hackers to simulate real-world attack scenarios. Employing Metasploit's extensive collection of exploit codes, ethical hackers can uncover weaknesses, gain unauthorized access, and assess the system's defenses against potential threats.

    WireShark, a network protocol analyzer, is another indispensable tool for ethical hackers. It allows them to capture and examine network traffic, providing deep insights into the packets traversing the network. With WireShark, ethical hackers can scrutinize individual packets, analyze network protocols, and identify suspicious or malicious activity. This tool enables them to detect anomalies, trace the origin of potential security breaches, and assess the security posture of the network.

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    Ethical Hackers Need Ongoing Education

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    The expertise of digital hackers safeguards digital life, upholding the principles of integrity, confidentiality, and trust. The growth of the cybersecurity industry reflects the need for ethical hackers, stressing the ever-present demand for their unique skills. So, acknowledge and appreciate these unsung heroes, the vanguards of cybersecurity who tirelessly battle in the shadows to preserve the sanctity of the digital realm -- and be glad they're there. 

    References:

    "Cybersecurity Market, By Component (Hardware, Solution, Service), By Security Type, By Solution, By Application (IT & Telecom, Retail, BFSI, Healthcare, Defense & Government, Manufacturing, Energy, Others), By Region Forecast to 2032". Www.Emergenresearch.Com, 2023, https://www.emergenresearch.com/industry-report/cyber-security-market. Accessed 25 May 2023.

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    Cyber Insurance: An Essential Safety Net

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    Coverage Tailored to Your Business

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    The Rising Importance of Cyber Insurance

    Cyber insurance is growing in importance as businesses become more digital and data-driven. It's not just about whether your business will experience a cyber-attack, but when it will happen. Data privacy laws are becoming more stringent, which means businesses can face hefty fines for failing to adequately protect customer data. Cyber liability insurance can provide coverage for these regulatory fines.

    Cyber Insurance - An Investment Worth Making

    Investing in cyber insurance is like putting on a seatbelt while driving. It doesn't prevent an accident, but it can significantly mitigate the damage if one occurs. Cyber insurance is an essential part of a comprehensive risk management strategy, providing financial protection and peace of mind in a digital age fraught with cyber threats. Regardless of your business size or industry, having cyber insurance can help you navigate the aftermath of a cyber-attack by protecting your financial resources.

    PSL’s Easy Guide to Understanding Cybersecurity

    The world of cybersecurity can often feel like a maze of technobabble and obscure acronyms. Yet in an era where our lives increasingly depend on digital infrastructure, it's important to have a basic understanding of the terminology involved. Learning about cybersecurity can help you avoid common mistakes and limit the chance of becoming a victim of these crimes.

    Here is an overview of common cybersecurity terms.

    1) Cybersecurity

    Let's start with the basics. Cybersecurity is simply the defense against digital attacks that target computers, mobile devices, networks, and servers. These attacks are typically aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes.

    2) Malware

    Malware is any malicious software that can damage or infiltrate computers without the user's consent.

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    Virus

    Like a biological virus, a computer virus attaches itself to a host (in this case, a file), and spreads when the file is shared, infecting other files and systems.

    Worm

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    Trojan

    Named after the Greek myth, the Trojan horse, a Trojan is a form of malware that attempts to disguise itself as a normal program or file to trick users into either downloading or installing it.

    Ransomware

    This type of malware encrypts the user's files and demands payment to unlock them.

    Spyware

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    3) Phishing

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    4) Firewall

    A firewall is an IT security tool that controls network traffic using predetermined security rules. Think of it as a digital barrier limiting unauthorized access to your network or computer.

    5) VPN (Virtual Private Network)

    A VPN masks your internet protocol (IP) address to make your online actions nearly untraceable. VPN services establish encrypted connections to provide much greater privacy while using the internet.

    6) Encryption

    Encryption converts data into a code to prevent unauthorized access. When data is encrypted, it appears as gibberish unless you have the decryption key to convert it back to its original form.

    7) Two-Factor Authentication (2FA)

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    8) Darknet/Dark Web

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    9) Data Breach

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    10) Botnet

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    Closing Thoughts

    Understanding cybersecurity is not just for the tech-savvy; it's for everyone. We are all potential targets for cyber threats, and comprehension of basic cybersecurity terminology can make a significant difference in safeguarding ourselves and our digital assets.

    Employing cybersecurity measures also helps to keep your digital data safe. This might include using a VPN, enabling two-factor authentication, or simply being wary of suspicious emails to prevent phishing attacks.

    Ultimately, it's not necessary for everyone to be a cybersecurity expert, but a basic understanding of the key terms can be an empowering first step in better securing your digital life. This newfound knowledge can provide you the confidence to navigate the online world with more safety and assurance.