Patchstack, a leading WordPress security company, recently announced the successful completion of its Series A funding round, raising an impressive $5 million. The funding round was led by Karma Ventures, G+D Ventures, and Emilia Capital, an investment firm backed by Marieke van de Rakt and Joost de Valk, the founders of Yoast.
The co-founder and CEO of Patchstack, Oliver Sild, expressed excitement about the new funding, stating that it will be used to accelerate product development and build a top-level sales and marketing team. Sild believes that Patchstack has the potential to revolutionize the open-source software security process through hyper-automation.
This recent funding success comes on the heels of Patchstack receiving a €2.7M R&D grant from the European Innovation Council in 2022. The company was also chosen by Google to participate in its AI for Cybersecurity accelerator program earlier this year. Patchstack’s extensive dataset, which is the largest in the world of open-source security vulnerabilities, played a significant role in this selection.
One of Patchstack’s notable achievements is the development of a managed VDP (Vulnerability Disclosure Program) platform in collaboration with the European Union. This platform is free for all plugin and theme developers and assists projects in complying with the upcoming European Cyber Resilience Act. The company’s commitment to supporting developers and ensuring the security of open-source technologies is evident in its initiatives.
Patchstack’s dedication to security is further highlighted by its impressive track record. In 2023, the company published a staggering 76% of all known WordPress-related security vulnerabilities. Additionally, Patchstack became the largest CVE (Common Vulnerabilities and Exposures) Naming Authority by volume in the same year. These accomplishments demonstrate the company’s expertise and leadership in the field of WordPress security.
Furthermore, Patchstack’s Zero-Day Bug Bounty Program has gained recognition for its commitment to rewarding individuals who expose critical vulnerabilities. The program recently awarded its highest bounty in WordPress history, a remarkable $14,400, to John Blackbourn. Blackbourn identified a critical vulnerability in the LiteSpeed Cache plugin, highlighting the effectiveness of Patchstack’s bug bounty program in identifying and addressing potential security threats.
The successful completion of the Series A funding round has garnered praise from investors and industry professionals alike. Kristjan Laanemaa from Karma Ventures expressed his confidence in Patchstack’s mission to protect users of open-source technologies from cyber threats. The company’s remarkable progress and dedication to enhancing security measures have solidified its position as a major player in the WordPress security industry.
Patchstack’s ongoing commitment to innovation and security, as evidenced by its funding success and notable achievements, positions the company for continued growth and success. As cyber threats continue to evolve, Patchstack’s dedication to protecting WordPress users and open-source technologies will undoubtedly play a crucial role in ensuring a safe online environment for all.
