Finite State, a software risk management firm headquartered in Columbus, Ohio, has secured a significant milestone with a $20 million growth round led by Energy Impact Partners (EIP). Established in 2017, Finite State specializes in cybersecurity controls at the firmware layer, focusing on fortifying the device supply chain to mitigate risks for both Operational Technology (OT) and Information Technology (IT) environments. Their platform offers crucial services such as Software Bill of Materials (SBOM) management, software composition analysis, and risk assessment, leveraging third-party scanners to identify supply-chain vulnerabilities and enhance visibility into connected devices and embedded systems. Matt Wyckhouse, CEO and Founder of Finite State, emphasized the importance of their platform in today’s interconnected digital landscape, where effective risk management is paramount for organizations.
This latest funding round underscores the trust and confidence investors have placed in Finite State’s mission to bolster cybersecurity in critical software and devices. With this infusion of capital, the company aims to accelerate product development initiatives and expand its global market reach. Having now raised approximately $70 million, including a $30 million Series B funding in August 2021, Finite State is poised for further growth and innovation in the realm of software supply chain security. The increased investment reflects a growing recognition of the importance of cybersecurity measures, particularly in safeguarding against vulnerabilities in interconnected systems and devices. Finite State’s continued advancements in this field are likely to have a significant impact on enhancing overall cybersecurity resilience for businesses and organizations worldwide.
