Device security company Eclypsium has received $13m in an oversubscribed funding round, coming after a 2,000% increase to its annual recurring revenue.
The round was supported by first time Eclypsium backers AV8 Ventures, TransLink Capital, Mindset Ventures, Alumni Ventures Group, and Ridgeline Partners. Previous investors Intel Capital, Madrona Venture Group, Andreessen Horowitz and Ubiquity Ventures also joined the round.
Eclypsium will use the capital injection to scale the company, boost sales and deepen its research and development. Funds will also help the platform enhance its capabilities.
The RegTech’s annual recurring revenue has increased by more than 2,000% since its Series A round.
Organisation can use the cloud-based device security platform to secure their entire networks from breaches and ransomware. Gartner claims that by 2022, 70% of firms that do not have a firmware upgrade plan in place will be breached due to vulnerabilities in firmware.
Eclypsium helps companies protect laptops and desktops, data centres, network and infrastructure devices. Its technology automatically identifies and patches firmware risks, scans devices for supply chain breaches and continuously monitors devices for persistent and stealthy firmware attacks.
Eclypsium CEO Yuriy Bulygin said, “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.
“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.”
With the close of the round, the company has raised a total of $25m in funding.
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