Eclypsium announced it has raised $13 million in new funding in an oversubscribed round, from new investors AV8 Ventures, TransLink Capital, Mindset Ventures, Alumni Ventures Group, and Ridgeline Partners.
Intel Capital, Madrona Venture Group, Andreessen Horowitz, and Ubiquity Ventures also participated as return investors. The round brings the company’s total funding to $25 million.
Eclypsium will use the new funding to scale the company, expanding sales, delivery, and R&D. Having grown annual recurring revenue over 2000% since its Series A funding, Eclypsium will continue expanding the capabilities of its device security platform to meet increased market demand.
The sharp increase in the number of breaches and ransomware attacks through insecure device firmware has brought to light that most organizations cannot easily see which vulnerable devices they have in their environment or determine which devices have already been compromised.
Increasing amounts of unpatched firmware represent a massive global security gap and an ever-growing attack surface not protected by traditional security solutions.
Gartner predicts that “by 2022, 70% of organizations that do not have a firmware upgrade plan in place will be breached due to a firmware vulnerability”. That is why Fortune 100 enterprises and federal agencies rely on Eclypsium’s platform to protect their devices.
“The ongoing and material shift to remote work has brought new risks from remote and BYOD devices and remote access infrastructure. Traditional software security solutions don’t provide visibility into the firmware risks these devices bring to an organization,” said Yuriy Bulygin, CEO of Eclypsium.
“We have built world-class expertise and technology, in partnership with our customers, to address the firmware risk. We are proud to have the support of these new investors, in addition to our returning backers, each of whom will help us expand into new verticals and geographies. Today is another milestone for our customers, partners, and employees, to whom we owe the tremendous growth of our company.”
“Today’s systems have so much complex firmware that runs independent of the OS and applications, exposing systems to attack vectors that traditional security solutions leave unseen,” said Toshi Otani, Co-Founder and Managing Partner at TransLink Capital.
“Eclypsium has built the platform and approach to provide organizations with the most complete defense for enterprise devices and the hardware supply chain. Our goal is to help entrepreneurs reach customers and develop strategic partnerships in Asia. We are thrilled to help enterprises in the region benefit from the visibility and control over their device risks that Eclypsium brings.”
Baris Aksoy, General Partner at AV8 Ventures, said, “Eclypsium’s ability to address security risks from a myriad of devices every organization uses – starting with the supply chain and extending to monitoring devices in the enterprise infrastructure – positions them to be an integral part of any enterprise cybersecurity suite. We are excited to play a part in their growth.”
“Eclypsium delivers extensive device security capabilities, ranging from device health and patching to protection from the most persistent and stealthiest device-level threats,” said Sunil Kurkure, Managing Director at Intel Capital.
“Security continues to be one of Intel’s key priorities, and our ongoing partnership with and support of Eclypsium enables us to elevate the security posture of the entire compute ecosystem.”