Cloud-based enterprise device security platform provider Eclypsium on Thursday announced raising $13 million in an oversubscribed funding round. To date, the company has raised a total of $25 million.
Founded in 2017 and headquartered in Portland, Oregon, the company aims to secure modern distributed organizations by providing protection across all types of devices, ranging from laptops to servers and network infrastructure.
Cloud-based, Eclypsium’s platform can be deployed fast to help organizations identify their assets and automatically discover and patch firmware vulnerabilities, scan for supply chain breaches, and monitor for persistent firmware attacks.
The new funding, the company says, will help it scale operations and expand sales, delivery, and research teams. Moreover, it will help it focus on expanding the capabilities of its platform, to ensure it can meet growing demand on the market.
Eclypsium says that it has experienced a 2000% increase in annual recurring revenue since its Series A funding round, which was closed in December 2018.
The new funding round saw participation from new investors AV8 Ventures, Alumni Ventures Group, Mindset Ventures, Ridgeline Partners, and TransLink Capital, as well as from returning investors Andreessen Horowitz, Intel Capital, Madrona Venture Group, and Ubiquity Ventures.
“We have built world-class expertise and technology, in partnership with our customers, to address the firmware risk. We are proud to have the support of these new investors, in addition to our returning backers, each of whom will help us expand into new verticals and geographies. Today is another milestone for our customers, partners, and employees, to whom we owe the tremendous growth of our company,” Eclypsium CEO Yuriy Bulygin said.