Connected device security provider Finite State on Monday announced that it has raised $30 million in Series B funding. To date, the company has raised $49.5 million.
The funding round was led by Energize Ventures. Merlin Ventures and Schneider Electric Ventures also participated.
The company plans to use the funding to scale and better position itself to meet market demand, which is driven by the increased use of Internet of Things devices in critical infrastructure.
Finite State says it also wants to hire new talent for its engineering, product, sales, and marketing teams, and to add more product security experts.
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 claims its solutions can help organizations successfully identify supply-chain risks and gain visibility into vulnerabilities that connected devices and embedded systems bring into enterprise environments.
“As companies struggle to tackle product security by analyzing devices and firmware, Finite State has become the premier player in solving product security challenges,” Matt Wyckhouse, CEO of Finite State, said.
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