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§ Private Profile · 800 N High St Suite 03-108, Columbus, OH 43215, USA
SaaS platform for supply chain security and risk management of IoT and embedded devices, automating compliance and SBOM generation.
Based in Columbus, Ohio, Finite State provides supply chain security and risk management software for IoT and embedded devices. The company's software as a service platform analyzes firmware, binaries, and source code to uncover vulnerabilities and automate regulatory compliance workflows, such as generating software bill of materials (SBOMs). The platform serves manufacturers across critical infrastructure, healthcare, and transportation sectors, and gained industry attention following a 2019 security assessment of Huawei networking devices. Finite State has raised approximately $50 million in total venture capital funding, including a $30 million Series B round in 2021 led by Energize Ventures, with participation from Energy Impact Partners, Drive Capital, and Zetta Venture Partners. The organization operates with a global workforce that reached 50 employees during its last major venture funding cycle. Finite State was founded in 2017 by Matt Wyckhouse.
Finite State has raised $63.0M across 3 funding rounds.
Key people at Finite State.
Finite State has raised $63.0M in total across 3 funding rounds.
Finite State has raised $63.0M across 3 funding rounds. Most recently, it raised $20.0M Series B in March 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Mar 1, 2024 | $20M Series B | Energy Impact Partners | Microsoft | Announced |
| Aug 1, 2021 | $30M Series B | Energize Ventures | Bain Capital Ventures, Cisco Investments, Conviction Partners, Merlin Ventures, Klaus Jaeckle | Announced |
| May 1, 2020 | $13M Series A | Energy Impact Partners | Microsoft, WestWave Capital, Zetta Venture Partners, Niloo R. Howe | Announced |
Key people at Finite State.
Finite State is a cybersecurity company providing an all-in-one platform for software supply chain security in connected devices, helping product security teams detect vulnerabilities, manage SBOMs, prioritize risks, and ensure compliance with regulations like EU CRA and FDA Section 524B.[1][2] It serves device manufacturers in sectors such as IoT, energy, industrial, medical devices, and critical infrastructure, solving challenges like opaque firmware, complex supply chains, long lifececycles, and hidden risks in source code, binaries, open-source software, and third-party components.[1][2][3] The company has demonstrated strong growth momentum, raising a $30M Series B led by Energize Ventures in partnership with clients like Schneider Electric, enabling expansion in product, engineering, sales, marketing, and security expertise.[3]
Finite State was founded in 2017 by CEO Matt Wyckhouse, who drew from his background in the U.S. Intelligence Community, where he witnessed firsthand the vulnerabilities in connected devices and embedded systems.[3][4][6] The idea emerged from recognizing the growing attack surface in firmware and supply chains, with Wyckhouse and the team—experienced in security research, reverse engineering, and policy—building tools to illuminate these risks.[4][6] Early traction came from serving U.S. Intelligence Community and Fortune 500 clients like Schneider Electric, leading to organic partnerships and the 2023 Series B funding introduced via Schneider, which validated demand in energy and industrial sectors.[3][4]
Finite State rides the surge in connected device proliferation across IoT, energy, industrial, and critical infrastructure, where firmware vulnerabilities serve as cyber-attack entry points amid rising supply chain compromises.[3][4][6] Timing is critical due to regulatory pressures like U.S. executive orders mandating SBOMs and security proofs, plus demands from customers and regulators for transparency in "smart" assets like wind turbines, smart meters, and medical devices.[2][3][4] Market forces favoring it include exploding device connectivity, vendor opacity, and sector shifts toward "security by design," positioning Finite State as a leader in firmware security—a fast-growing cybersecurity niche.[2][4][5][6] It influences the ecosystem by enabling secure digitization, partnering with integrators like Schneider Electric, and attracting top talent to advance supply chain accountability.[3][4][5]
Finite State is poised to scale as a category leader in connected device security, expanding its platform for emerging threats, deepening energy/industrial penetration, and hiring experts amid regulatory evolution.[3][4][6] Trends like AI-driven attacks, global compliance mandates, and zero-trust supply chains will propel demand, potentially evolving its influence toward defining standards for firmware transparency and resilient IoT ecosystems.[2][4][6] With its intelligence-rooted foundation securing the devices powering modern life, Finite State exemplifies how targeted visibility transforms product security from a compliance checkbox to a revenue driver.[3][6]
Finite State has raised $63.0M in total across 3 funding rounds.
Finite State's investors include Energy Impact Partners, Microsoft, Energize Ventures, Bain Capital Ventures, Cisco Investments, Conviction Partners, Merlin Ventures, Klaus Jaeckle, WestWave Capital, Zetta Venture Partners, Niloo R. Howe.
