Finite State provides software risk management solutions for connected devices and software supply chains, operating a platform that serves as a central hub for device security. The platform delivers continuous visibility into potential software risks and supplies customers with actionable insights, including SBOMs, vulnerability data, and remediation guidance. Finite State aggregates and analyzes more than two billion data points to inform its assessments. Its proactive approach is designed to streamline mitigation of application security and product risks across sectors such as consumer IoT, healthcare, automotive, manufacturing, and energy. Led by CEO and founder Matt Wyckhouse, the company intends to use new funding to accelerate product development and global expansion. The company recently raised $20M in growth funding. Finite State’s platform unpacks and analyzes every file and configuration in a firmware build to produce a complete bill of materials, identify known and possible zero-day vulnerabilities, assign a contextual risk score, and deliver actionable insights to product teams. The company focuses on visibility across supply chains for connected devices and embedded systems, where third-party and open-source components can introduce hidden risk. Finite State says firmware-targeting cyberattacks have quintupled in the last four years and positions its product as uniquely able to inspect every piece of firmware. The startup plans to use the new funding to scale to meet market demand and expand its team. It currently has 50 employees and expects to grow to more than 80 by the end of 2021. Financially, the company has raised a $30 million Series B on top of a $12.5 million Series A, bringing total funding to just shy of $50 million. Finite State provides supply chain security and risk management for IoT and embedded devices. Its platform performs automated firmware analysis to uncover vulnerabilities, potential backdoors, and other supply-chain threats, giving manufacturers and end users greater transparency. The company operated largely in stealth while developing its technology and gained notice after a 2019 Huawei Supply Chain Assessment that revealed numerous backdoors and major vulnerabilities. Finite State intends to scale its engineering team to advance its device-firmware visibility and expand deployments across energy, telecommunications, and national security customers. Financially, the company raised a $12.5M Series A on top of a prior $7M seed, bringing total funding to $19.5M.

Total raised

$63M

Funding rounds

3

Latest round

Equity

Latest activity

Mar 2024