HeroDevs (Salt Lake City, UT) secures $125M from PSG and launches a $20M Open Source Sustainability Fund to support secure, long-term maintenance of deprecated OSS, helping enterprises mitigate security risks without disrupting legacy systems.
Salt Lake City, Utah — July 24, 2025
HeroDevs, a leading provider of security and compliance solutions for deprecated open source software (OSS), today announced a $125 million strategic growth investment led by PSG, a growth equity firm focused on partnering with software and technology-enabled services companies. Existing investor Album also participated in the round.
As part of the company’s expanded mission, HeroDevs will allocate $20 million of its capital to launch the HeroDevs Open Source Sustainability Fund, designed to support open source creators, maintainers, and projects that follow best practices for handling end-of-life (EOL) software.
The rise of AI adoption is rapidly increasing the presence of open source components in enterprise software. According to Black Duck, the average commercial code base contains 911 OSS components—and 86% of those code bases include known vulnerabilities. Qualys further reports that 48% of those vulnerabilities stem from unsupported or unmaintained OSS, posing critical risks to enterprise security.
HeroDevs addresses these threats with its Never-Ending Support (NES) solutions, which offer secure, drop-in replacements for outdated OSS. This allows organizations to stay protected without overhauling legacy systems, minimizing the risk of breaches while enabling smoother software transitions.
“In our view, open source software runs the world,” said Aaron Frost, Co-Founder and CEO of HeroDevs. “Through this investment, we’re doubling down on our mission of ensuring everyone—from developers to startups to enterprises and governments—has the tools and support to stay safe and compliant, even when they find themselves stuck running end-of-life open source software.
We believe the lifeline we provide saves customers thousands of hours and hundreds of millions of dollars—not to mention the reputational damage avoided by preventing security breaches. Our team is proud to use this investment to solve two of the biggest challenges facing the OSS community: funding the next generation of open source development and improving visibility around end-of-life security risks.”
“The acceleration of open source adoption across enterprises highlights the growing demand for solutions that both uphold strict security and compliance standards and protect the long-term health of the OSS ecosystem,” said Marco Ferrari, Managing Director and Co-Head of North America, and Paul Russ, Principal at PSG. “We believe the platform Aaron and the HeroDevs team have built empowers enterprises to secure vulnerable areas of their applications without disrupting operations, while also supporting continued OSS innovation.”
The HeroDevs Open Source Sustainability Fund is now open and accepting applications. Grants range from $2,500 to $250,000, and applicants must demonstrate strong community adoption, commit to security best practices in announcing and conducting EOL transitions, and agree to program requirements.
More information is available at herodevs.com/sustainability-fund.
The Fund builds on HeroDevs’ track record of investing in OSS sustainability. The company has already donated $4 million to OSS projects, including $2 million in 2024 alone.
Advisors: D.A. Davidson and Ampleo served as financial advisors to HeroDevs. Foley & Lardner LLP served as legal advisor to HeroDevs, and Weil, Gotshal & Manges LLP represented PSG.
About HeroDevs
HeroDevs is a leader in secure, ongoing support for deprecated open source software. Its Never-Ending Support solutions help organizations maintain mission-critical applications beyond official EOL timelines—securely and in compliance. HeroDevs supports technologies like AngularJS, .NET, and Spring, enabling companies to migrate on their own terms without exposing themselves to vulnerabilities or regulatory risks.
Serving sectors where uptime and security are paramount—finance, healthcare, and government—HeroDevs supports over 800 companies, including nearly one-third of the Fortune 100. Its team of OSS experts delivers proactive remediation and enterprise-grade support to keep critical systems secure and operational.
Visit herodevs.com for more information.
About PSG
Founded in 2014, PSG is a growth equity firm partnering with software and technology-enabled services companies to help them scale, seize strategic opportunities, and build strong leadership teams. With over 150 companies backed and 520+ add-on acquisitions, PSG has deep industry expertise and a global footprint with offices in Boston, Kansas City, London, Madrid, Paris, and Tel Aviv.
Learn more at psgequity.com.
