The Pulse
Finite State raises $27 million in Series C funding
Finite State raised a $27 million Series C round led by funds managed by The O.H.I.O. Fund. The company plans to use the capital to expand internationally and develop autonomous features for its product-security platform.
AI.info Team · Written with AI · fact-checked ·
Funding and expansion
Finite State raised $27 million in a Series C round led by private funds managed by The O.H.I.O. Fund. CIBC Innovation Banking, Energy Impact Partners, Energize Capital and National Grid Partners also participated.
The company will use the new capital to expand its international operations and develop autonomous capabilities for its platform. The investment is intended, according to the company, to help manufacturers identify risks across complex software supply chains and compare the software planned for a product with what is present in the finished device.
Software inside finished products
The platform analyzes software and firmware in completed devices, including vehicles, medical devices, industrial equipment, consumer electronics and utility infrastructure. It identifies known and zero-day vulnerabilities and helps manufacturers address flaws the company considers exploitable.
Founder and CEO Matt Wyckhouse said, “The Vulnpocalypse isn’t a one-month event. It’s the new baseline.” He said the funding would support platform development and the company’s global expansion, as manufacturers face pressure to show that identified risks have been understood and addressed.
Vulnerabilities and compliance
AI-powered research, the company said, uncovered critical flaws in widely used software in October, including a vulnerability in the PHP programming language. The company described the findings as part of a surge that security leaders have called the “Vulnpocalypse,” and said AI has shortened the time between finding a flaw and turning it into an attack from weeks to days, and sometimes hours.
Connected devices can be exposed when a shared open-source component with a flaw is present in millions of products that are difficult to inventory and slow to patch. A single device can contain open-source libraries, third-party components and legacy code from many suppliers, and what ships in the finished firmware often differs from the source code and bill of materials, according to the company.
Finite State pointed to the EU Cyber Resilience Act, FDA premarket cybersecurity requirements, UNECE R155 and R156 for vehicles, and IEC 62443 for industrial systems as requirements that, according to the company, put the burden of demonstrating security on manufacturers. Falling short can carry risks including blocked market access, recalls and liability, the company said.
Customers and market
The company’s customers include national power grids, a U.S. national security research laboratory, global automakers and makers of medical devices, as well as companies supplying connected hardware used in homes, hospitals and factories. Bruce Lin, a software department senior manager at automotive electronics supplier JET OPTOELECTRONICS, called the depth of its binary and firmware analysis and its insight into what is in a shipped device “invaluable.”
The company cited a projection that the IoT security market will reach $80.3 billion by 2031. It was also named to the 2026 Inc. 5000 and selected as a finalist in SiliconANGLE’s 2026 TechForward Awards in the Security category.