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Finite State Raises $20 Million to Grow Software Supply Chain Security Business

Software risk management firm Finite State has raised a $20 million growth round led by Energy Impact Partners (EIP).

Finite State Funding

Software risk management firm Finite State announced on Friday that it has raised $20 million in growth funding in a round led by Energy Impact Partners (EIP).

Founded in 2017, the Columbus, Ohio-based company provides cybersecurity controls at the firmware layer, in an attempt to secure the device supply chain and mitigate risks to OT and IT environments.

The company’s platform provides SBOM (Software Bill of Materials) management, software composition analysis, and risk analysis with correlation from third-party scanners to help organizations identify supply-chain risks and gain visibility into vulnerabilities in connected devices and embedded systems.

“This funding round marks a significant milestone for Finite State and reaffirms the trust and confidence our investors have placed in our mission,” said Matt Wyckhouse, CEO and Founder of Finite State. “In an increasingly interconnected and vulnerable digital landscape, our platform plays a critical role in enabling organizations to effectively manage and mitigate risks in critical software and devices.”

The company says the cash infusion will help accelerate product development efforts and expand its global market presence.

The security firm has now raised roughly $70 million in funding to date, including a $30 million Series B funding in August 2021.

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