Cycuity will expand the scope of its vision to support more holistic product security that builds on its status as a leader in hardware security verification. The evolution comes on the heels of a fresh round of investment; Dorilton Ventures joined Eclipse Ventures and others in a round that brings the company to $12 million in total funding raised.
“The security of hardware is a growing concern for the world’s largest semiconductor companies and their major customers, from the beginning of the microelectronic design cycle, through the verification process and into the wider supply chain,” said Daniel Freeman of Dorilton Ventures. “Assurance has been severely disrupted by silicon shortages and other vulnerabilities in recent years. Cycuity is already making great strides in helping the microelectronic industry meet these challenges: systematically mitigating existing weaknesses in the cycle, identifying new ones, and providing quantifiable assurance. Dorilton Ventures is very excited to support the company on the next stage of its journey.”
Demand for semiconductors has surged in recent years, according to McKinsey, with sales jumping more than 20% in 2021, with an estimated 6-8% average annual growth each year through 2030 on its way to a trillion dollar industry. Of that growth, 70% is driven by the automotive, computation and data storage, and wireless industries. At the same time, more companies are recognizing the risks associated with vulnerabilities in hardware. As products grow more complex, so do the threats to security that can undermine customer trust.
“Every component of a product needs to be secure,” said Dr. Andreas Kuehlmann, Executive Chairman, CEO, Cycuity. “We rely on these products, from cars to medical devices to critical infrastructure. Marc Andreessen famously observed that ‘software is eating the world,’ yet we seem to forget that all software runs on hardware, which itself poses security risks. Cycuity aims to make the world a safer place by enabling businesses to ensure all system components are secure, including hardware. We deliver the confidence of comprehensive security.”
Cycuity will become an even more vital part of the product security ecosystem by supporting clear security requirements, verifying them during development, and documenting and certifying them before production. Cycuity can empower commercial enterprises and defense organizations to proactively mitigate risk.
As part of these efforts, Cycuity is currently collaborating with Microsoft to support the U.S. Department of Defense’s Rapid Assured Microelectronics Prototypes using Advanced Commercial Capabilities (RAMP) initiative.“Our work with Cycuity on the RAMP program brings a key hardware security platform to microelectronic chip design for defense technologies,” said Mujtaba Hamid, General Manager, Silicon, Modeling and Simulation, Microsoft. “We look forward to our continued collaboration to help advance critical national security priorities.”
The transformation to Cycuity comes as the company sees increased traction and rapid growth in the commercial market, complementing its thriving business in the defense industry. The new round of funding allows Cycuity to expand its focus as more companies recognize the threat that potential vulnerabilities can pose.