Cybersecurity Back-to-Back: Energize leads $30M Series B into Finite State

Earlier today I covered how Nozomi Networks raised a $100M pre-IPO round. As I wrote, that investment was an accumulation of years of market monitoring and research.

Well, today Energize Ventures also announced our latest cybersecurity investment: we led the $30M Series B into Finite State. And like with Nozomi, our investment into Finite State comes on the back of years of market research and customer engagement. We were first introduced to Finite State through one of our LPs, Schneider Electric. Schneider is a sizable customer and validates how hardware providers are moving to better understand the embedded software layer within their supply chain. And another utility LP said the following after seeing the product: “this is invaluable and will help us meet so many of the new regulatory requirements.”

Finite State’s IoT device intelligence technology platform is designed to manage the vulnerabilities in connected devices. The company’s technology automatically scans each device and provides an in-depth analysis into the device’s firmware, including the presence of known vulnerabilities, hard-coded credentials, and other crucial information that affects the overall risk of each device, enabling companies to get network visibility into their supply chain devices, detect threats and defend their complete network.

Whenever Energize invests into a company, we deliver a full team effort for commercial, regulatory and recruitment support. When founder & CEO, Matt Wyckhouse, came to visit us a few months back we spent a full day digging into the pipeline and how we can accelerate his plans. Our entire team is excited to form a strong relationship with Matt and the Finite State execs.

Juan and Matt gave great quotes below that summarizes the firm and opportunity.

“As today’s energy and industrial sectors chase better connectivity, tighter regulations are simultaneously demanding asset owners to prove the security of their embedded 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.”

Juan Muldoon, Partner @ Energize Ventures

“It was an organic fit for us to align with Energize Ventures, which was introduced to us by our longtime client, Schneider Electric. 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.”

Matt Wyckhouse, Founder & CEO

Given our time in market with Nozomi, we know that energy and industrial firms now have awareness and budget for various stages of cybersecurity products. Finite State is helping our energy infrastructure providers know what software is on their devices and protect against any vulnerabilities. In case this sounds familiar: big and growing market, world-class team, leading product….! A BIG opportunity ahead for Finite State.

Some of the more formal posts can be found below: