Socket Secures $60M Funding to Combat Open-Source Supply Chain Attacks

Socket Inc. has raised $60 million in Series C funding, achieving a $1 billion valuation. The funding, led by Thrive Capital, aims to enhance its platform that protects against supply chain attacks targeting open-source software. With the rise of generative AI coding assistants, the use of unvetted open-source code has surged, increasing the risk of malicious code injection. Socket's platform scans open-source modules for malware and vulnerabilities, reportedly blocking over 1,000 attacks weekly. The company emphasizes the need for proactive security measures as traditional tools are insufficient against the growing volume of third-party code. Socket's real-time scanning capabilities allowed it to detect a compromised dependency in the Axios library within six minutes of its publication, preventing potential exploitation. The funding will support product launches and team expansion to meet rising enterprise demand.

Key Points: • Socket raised $60 million to enhance its open-source security platform. • The platform blocks over 1,000 supply chain attacks weekly by scanning for malware. • Socket detected a compromised dependency in Axios within six minutes, showcasing its rapid response capabilities.