Chainguard's rapid rise to a multi-billion dollar valuation raises questions about software security

Chainguard, a software supply chain security startup, secured $356 million in a Series D funding round, achieving a valuation of $3.5 billion. The funding was co-led by Kleiner Perkins and IVP, with new investors including Salesforce Ventures and Datadog Ventures. The valuation reflects a threefold increase from the previous valuation of $1.12 billion after a $140 million Series C round. Chainguard focuses on secure software development tools, particularly for open-source software, and reported an annual recurring revenue of $40 million, aiming to exceed $100 million by fiscal year 2026. The company has raised a total of $612 million since its founding in 2021. Cybersecurity investment remains strong, with Exaforce recently raising $75 million in a Series A round and total funding for VC-backed cybersecurity startups surpassing $2.7 billion in Q1 2024, a 29% increase from the previous quarter.

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