A Belfast-based software supply chain management firm has announced an £8.8m investment.
Cloudsmith will use the funding to grow operations for its global client base, including leading software companies such as Shopify, PagerDuty, Font Awesome, HP and EnterpriseDB.
The funding, led by MMC Ventures, will bolster the firm’s ability to deliver a software supply chain platform.
Cloudsmith provides organisations with a single source for managing all their software assets, including datasets required to build the AI products of the future.
Recently appointed chief executive officer Glenn Weinstein said the industry demand for software supply chain solutions is surging.
He said: “Despite economic headwinds and a slow venture capital funding market, this announcement reaffirms the confidence our investors have in Cloudsmith.
“We’ve been successfully disrupting and reinventing the software supply chain market.
“This fresh infusion of capital also comes as industry demand for secure and reliable software supply chain solutions is surging.
“Cybersecurity attacks of increasing severity have become more frequent, and threaten reputational damage, data exfiltration and IP theft.”
The firm’s software supply chain management platform is designed to meet the needs of software teams building for internal use or distributing software packages to the market.
It provides a suite of artefact storage, management and distribution solutions, allowing developers and companies to streamline and control their software supply chain, improve collaboration and accelerate product delivery.
Mr Weinstein added: “This funding will be used to enhance Cloudsmith’s unique cloud-native software supply chain solution, which is faster, more secure and of higher value than the legacy on-premises vendors we’re displacing.
“Cloudsmith is a great choice for companies with software teams distributed in remote locations, and while the US is our largest market, we continue to see increased demand from a range of countries including the UK, Germany and Australia.”
He emphasised the strategic importance of its Belfast headquarters which benefits from access to both UK and EU markets.
“Belfast is a leading tech hub with a thriving digital economy.
“We see this renewed round of investment as a doubling down on Cloudsmith’s commitment to this vibrant city.”