Finite State, which provides supply chain security and risk management for IoT and embedded devices, has raised $12.5 million in a Series A funding round, in order to scale its engineering team. The round was led by Energy Impact Partners, along with Zetta Venture Partners, cybersecurity veteran Niloofar Howe and other undisclosed investors.
The round follows a $7 million seed round led by Drive Capital, a Columbus fund with $1.2 billion under management, bringing the total company funding to $19.5 million.
Based in Columbus and founded in 2017 by Matt Wyckhouse, founder and former CTO of Battelle’s Cyber Business Unit, Finite State’s team has worked diligently on building advanced technology that uncovers vulnerabilities and threats in the supply chain of IoT and connected devices.
Despite keeping a low profile, the company widely showcased its unique capabilities in June 2019 when its Huawei Supply Chain Assessment revealed numerous backdoors and major security vulnerabilities in the Chinese technology company’s networking devices that could be used in 5G networks. The report has been cited around the world.
