Finite State, the leader in connected device security, has raised $30 million in Series B funding.
Vulnerabilities within connected devices are a huge concern within the supply chain, critical infrastructure, and manufacturing. One recent report found that less than half of companies were able to detect whether their IoT devices suffered a breach. With IoT market size expected to top $1.4 trillion by 2027, Finite State plans to use the funding to rapidly scale its data-driven approach to supply chain security to meet the demands of the market.
As more companies recognize that product security is directly tied to their top-line revenue, Finite State will scale accordingly. The company will grow its product, engineering, sales, and marketing organizations, as well as add additional product security experts.
Finite State recently added three security veterans to their executive team to accelerate the company’s growth, including Eric Greenwald, a former Obama administration official who served on the National Security Council, FBI, and U.S. Cyber Command.
In its short history, Finite State has already become a destination for engineers in the Midwest looking to make advancements in one of the fastest growing sectors of cybersecurity. Those engineers have found an exciting opportunity for growth in an innovative culture within this space and more opportunities are on the way with this new round of funding.
Juan Muldoon, partner at Energize Ventures
As today’s energy and industrial sectors chase better connectivity, tighter regulations are simultaneously demanding asset owners to prove the security of their connected devices. Finite State is a category-defining company securing critical infrastructure in the energy and industrial spaces by delivering clear visibility into security gaps throughout the supply chain.
Matt Wyckhouse, CEO of Finite State
The Energize and Schneider teams have unique insight on the market demand, where our solutions fit, and how we can better help the energy sector lock down their device security. The value proposition goes far beyond their capital investment.
