HeroDevs Secures $125 Million Investment from PSG

HeroDevs has secured a $125 million strategic growth investment from PSG, as announced in a press release. This investment, one of the largest in Utah this year, aims to bolster HeroDevs' efforts in securing legacy software applications and ensuring enterprise technology infrastructure remains compliant and protected.

HeroDevs plans to allocate $20 million of this capital to its Open Source Sustainability Fund, which supports open source creators and projects that adhere to end-of-life best practices. The fund is now open for applications, offering donations ranging from $2,500 to $250,000.

The investment will also enhance HeroDevs' Never-Ending Support solutions, which provide secure replacements for vulnerable, unsupported, or outdated open source software versions. This initiative helps enterprises protect their infrastructure without needing to overhaul entire applications, thereby mitigating risks of data breaches and cyberattacks.