Finite State Raises $27 Million to Secure Software and Firmware in Connected Devices
The Series C round will fund international expansion and more autonomous features for the firm’s device security platform.
Product security firm Finite State announced on Tuesday that it raised $27 million in a Series C funding round to grow its international presence and make its connected device security platform more autonomous.
Private funds managed by The O.H.I.O. Fund led the round, with participation from CIBC Innovation Banking, Energy Impact Partners, Energize Capital, and National Grid Partners.
The company tied the investment to two pressures on manufacturers. One is a wave of critical flaws uncovered by AI-powered research in October, dubbed the ‘Vulnpocalypse’, and the other is a growing set of product security mandates.
Finite State’s platform inspects the code that actually ships in a device, covering both software and firmware. It works from compiled firmware and binaries, so source code is not required.
Its users are makers of vehicles, medical devices, industrial equipment, consumer electronics and utility infrastructure. The platform identifies both known and zero-day vulnerabilities and helps manufacturers fix the ones that can be exploited.
On the compliance side, the platform continuously produces SBOMs, VEX documents and signed compliance packages to help device makers meet regulations such as the EU Cyber Resilience Act (CRA). The company also cites FDA premarket cybersecurity requirements, the UNECE R155 and R156 vehicle regulations, and the IEC 62443 industrial standard among the rules manufacturers face.
AI agents carry out analysis, triage and testing on the platform and draft regulatory reports. Customers can also connect their own agents through an API and an MCP server.
“The Vulnpocalypse isn’t a one-month event. It’s the new baseline. AI-equipped attackers can now find a flaw faster than most manufacturers can figure out which of their products contain it,” said Matt Wyckhouse, founder and CEO of Finite State. “Governments are rightly advancing regulations to protect the public good, leaving security teams to prove that risks they identify are understood and addressed. Finite State delivers the evidence, intelligence, and automation to protect manufacturers, organizations, and consumers.”
