**Belfast**: Cloudsmith, a software company specialising in artifact management, has raised $23 million in a Series B funding round led by TCV. The investment aims to bolster software supply chain security and expand operations amidst rising cyber threats and regulatory scrutiny.
Cloudsmith, a Belfast-based software company specialising in cloud-native artifact management, has secured $23 million in a Series B funding round led by TCV, with contributions from Insight Partners and previous investors. This funding is part of a trend towards reinforcing software supply chain security as enterprises increasingly seek control and scalability in their software development processes.
Having experienced significant growth of nearly 150% over the past year, Cloudsmith has attracted an enterprise clientele that includes Fortune 500 and Global 2000 companies transitioning to modern management solutions. The new funding will be allocated to expanding the company’s sales, marketing, and customer success teams, enhancing product features focused on software supply chain security, and investing in artificial intelligence research and development.
In light of growing cyber threats and increased regulatory scrutiny, companies are prioritising security in their software supply chains. Over 90% of a typical enterprise software application originates from open-source and third-party code, underlining the importance of robust artifact security alongside conventional source code scanning.
Lee Skillen, Cloudsmith’s CTO and co-founder, remarked, “Cloudsmith was founded to redefine artifact management, and with this investment, we’re accelerating towards our mission at full scale.” Meanwhile, Glenn Weinstein, the company’s CEO, noted, “The way software is built is fundamentally changing, making artifact management mission-critical for developers, cybersecurity professionals, and platform engineers alike.” He emphasised that this investment will facilitate the scaling of operations to meet the demands of large and complex organisations.
Analysts at Gartner anticipate a significant increase in organisational spending on supply chain cybersecurity, with 44% of organisations planning escalated investments in this area. The rising pressure to comply with regulations such as the U.S. Executive Order on Cybersecurity and the EU’s Digital Operational Resilience Act (DORA) accentuates the need for enhanced visibility and security throughout the software development lifecycle.
Morgan Gerlak, a Partner at TCV, expressed confidence in Cloudsmith’s trajectory: “We believe in Cloudsmith’s vision to become the backbone of modern software supply chains.” He explained that the company is establishing itself as a crucial asset within the DevOps toolkit, enabling enterprises to manage and secure their software distributions more effectively.
Cloudsmith’s operations remain centred in Belfast, and the company plans further expansions in engineering, product development, sales, and customer success to accommodate its growing client base. Currently, 75% of its revenue comes from customers based in the United States. The firm continues to play a significant role in strengthening Northern Ireland’s tech ecosystem and attracting skilled professionals to the region. Existing investors, including MMC, Frontline, Techstart, Sorenson, Tapestry, and Shasta, have increased their investments in this latest funding round.
Source: Noah Wire Services
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