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Finite State Bags $12.5M in Series A Round of Financing to Scale Its Team

By CIOReview | Monday, May 11, 2020

Finite State intends to use the recently raised investment to scale its team of world-class engineers, whose mission is focused on advancing the company's cutting-edge technology that enables unprecedented visibility into device firmware

Fremont, CA: Finite State, experts in supply chain security and risk management for IoT and embedded devices, raised $12.5 Million in a Series A round of financing. The financing round was co-led by Energy Impact Partners, along with Zetta Venture Partners, cybersecurity veteran Niloofar Howe, and other undisclosed investors. This round follows a $7M seed round led by Drive Capital, a Midwest-based fund with $1.2B under management, bringing the total funding the company raised to date to $19.5M.

Finite State intends to use the recently raised investment to scale its team of world-class engineers, whose mission is focused on advancing the company's cutting-edge technology that enables unprecedented visibility into device firmware. With its focus on users and manufacturers of connected devices in the energy, telecommunications, and national security sectors, an expanded team will give Finite State the bandwidth to secure some of the world's most critical infrastructure.

Based in Columbus and founded in 2017 by Matt Wyckhouse, founder and former CTO of Battelle's Cyber Business Unit, Finite State has remained mostly in stealth mode as its team has worked diligently on building advanced technology that uncovers vulnerabilities and threats in the supply chain of IoT and connected devices

"The exponential growth of connected devices powering our critical infrastructure is driving attackers to change their tactics and target these more vulnerable devices," said Matt Wyckhouse, Founder and CEO of Finite State. "Finite State focuses on creating transparency within supply chains, so manufacturers and end-users can work together to mitigate vulnerabilities before they are exploited."

"The proliferation of the internet of things (IoT) devices has enabled a smarter and more resilient electric grid. As operators rapidly deploy IoT devices for critical industrial and business functions, the stakes have never been higher for security teams to keep up with the risks and vulnerabilities that exist within these devices," said Sameer Reddy, partner at EIP. "We're excited to partner with Finite State as the company brings its platform to the energy sector to provide operators with exceptional, real-time intelligence of supply chain risk."

"Finite State takes a unique data-driven approach to discover vulnerabilities in the IoT fabric that now powers every part of the economy from transportation to health care to fundamental infrastructure," said Jocelyn Goldfein of Zetta Venture Partners. Zetta was also among the company's initial investors. She goes on to say that "IoT represents the new frontier of cyberattacks, and Finite State's unique threat intelligence is an invaluable assist for defenders."

See also: Top IoT Companies