HeroDevs raises $125 million from PSG Equity to secure legacy open source software, addressing growing enterprise risks accelerated by AI adoption.
HeroDevs, a provider of security and compliance solutions for deprecated open source software (OSS), has raised a $125 million strategic growth investment from PSG Equity, a leading growth equity firm. D.A. Davidson & Co. acted as the exclusive financial advisor in the transaction.
Founded by Aaron Frost, HeroDevs is addressing a critical challenge: the abundance of legacy OSS components embedded within enterprise software stacks. Many of these components are no longer supported or maintained, yet continue to underpin modern digital infrastructure. With the rapid rise of AI deployment inside these stacks, the security and compliance risks tied to deprecated OSS have grown more pressing.
HeroDevs offers enterprises protection against vulnerabilities that could result in data breaches and cyberattacks, while enabling teams to plan secure, compliant transitions on their own timeline.
“The growth of HeroDevs clearly highlights the emerging, critical problem of security and compliance within open source,” said Greg Thomas, Managing Director, Co-Head of Technology Investment Banking at D.A. Davidson. “We are thrilled for the partnership between Aaron, the team at HeroDevs and PSG and its impact on the broader OSS community.”
Aaron Frost, Founder of HeroDevs, added: “We can’t say enough about our partnership with D.A. Davidson. We met with so many great potential investment partners starting at their Big Sky Summit, which really accelerate our ability to identify our ideal fit. Their assistance and advice was critical throughout.”
The investment, one of Utah’s largest in 2025, underscores the momentum behind HeroDevs and the growing need to secure OSS ecosystems. It also reflects D.A. Davidson’s continued leadership in advising technology growth companies, with its Technology Investment Banking practice completing 125+ transactions worth approximately $25 billion since 2020.
