Finite State Gets $ 30M Series B To Help Uncover Security Flaws In Device Firmware – TechCrunch


Finite State, based in Columbus, Ohio, a startup that provides supply chain security for connected devices and critical infrastructure, has raised $ 30 million in Series B funding.

The funding lands amid increased focus on the least secure elements in an organization’s supply chain, such as Internet of Things devices and embedded systems. Finite State says that the problem is largely due to the firmware of the device, the fundamental software that often includes third-party components or open source software. This means that if a security flaw is included in the finished product, it is often without the knowledge of the device manufacturers.

“Cyber ​​attackers view firmware as a weak link to gain unauthorized access to critical systems and infrastructure,” Matt Wyckhouse, CEO of Finite State, tells TechCrunch. “The number of known cyberattacks targeting firmware has increased fivefold in the last four years.”

The Finite State platform provides visibility into supply chains creating connected devices and embedded systems. After unpacking and analyzing each file and configuration in a firmware build, the platform generates a complete BOM for software components, identifies known and potential zero-day vulnerabilities, displays a contextual risk score, and provides actionable information that teams of products they can use to secure their software.

“By looking at every piece of their supply chain and every detail of their firmware, something that no other product on the market offers, we enable manufacturers to ship more secure products, so users can trust their connected devices more.” Wyckhouse says.

The latest round of financing for the company was led by Energize companies, featuring Schneider Electric Ventures and Merlin Ventures, and comes a year after Finite State raised a $ 12.5 million Series A round. It brings the total amount of funds raised by the company to just $ 50 million.

The startup says it plans to use the funds to scale and meet market demands. It also plans to increase its workforce; Finite State currently has 50 employees, a number that is expected to grow to more than 80 by the end of 2021.

“We also want to use this round of fundraising to help us get the message across: firmware is not secure unless it is secure by design,” added Wyckhouse. “It’s not enough to analyze the code your engineers created when other parts of your supply chain could expose you to significant security issues.”

Finite State was founded in 2017 by Matt Wyckhouse, founder and former CTO of Battelle’s Cyber ​​Business Unit. The company showcased its capabilities in June 2019, when its widely cited Huawei supply chain assessment revealed numerous back doors and significant security vulnerabilities in the Chinese tech company’s network devices that could be used in 5G networks.

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