Giesecke+Devrient Ventures invested in technology company Patchstack OÜ

Ellex in Estonia advised Giesecke+Devrient Ventures in its investment in the Estonian cybersecurity startup Patchstack OÜ in the course of a $5M venture capital Series A financing round led by Karma Ventures, furthering their mission to cover the entire lifecycle of open-source security and provide the fastest mitigation against emerging security threats.

Patchstack’s unique strength is its access to vulnerability data. The company launched its first gamified bug bounty program and managed the Vulnerability Disclosure Program (VDP) for WordPress plugins, attracting thousands of ethical hackers to find and report new security vulnerabilities. This program’s success made Patchstack the leading open-source security intelligence provider and the largest CVE (Common Vulnerabilities and Exposures) Naming Authority by volume in 2023.

“We are pleased to join Patchstack’s vision of automating open-source software security with its unique approach of proactively protecting applications against vulnerabilities. We are particularly impressed by Patchstack’s exceptional leadership and remarkable talent, alongside its focus on delivering value based on the quality and execution for its customers and partners. We look forward to a hands-on partnership with both the Patchstack team and investors, shaping a more secure digital future together,” stated Alberto Pérez Arranz from G+D Ventures.

Giesecke+Devrient Ventures was advised by Partner Antti Perli.