Xeol, the cybersecurity startup based in New York City, has secured $3.2 million in a seed funding round.
This financial boost was led by Shield Capital, with notable contributions from Y Combinator and 468 Capital.
The capital raised marks a significant endorsement of Xeol’s vision and capabilities in the cybersecurity domain. The company has carved a niche for itself by focusing on protecting enterprises’ end-of-life software, a critical area often overlooked in the broader cybersecurity landscape.
Xeol’s business model revolves around securing software throughout its entire lifecycle, from the code repository to delivery to customers. The team specializes in managing end-of-life software, which is particularly vulnerable as publishers no longer provide security patches for it. This focus is increasingly relevant, especially considering the rise in cyber attacks targeting private enterprises’ software supply chains.
Xeol’s impact in the industry is already noticeable. Within just four months of launching, the company has onboarded its first Fortune 500 customer, showcasing the effectiveness and demand for its services. For this client, Xeol identified over 2,000 end-of-life software components, reducing the company’s exposure to risks by a notable 60%.
Xeol CEO ShiHan Wan stated, “Now is the right time to come out of stealth mode to tackle the software supply chain problem with foundational standards like Software Bill of Materials (SBOM) and Supply-chain Levels for Software Artifacts (SLSA) gaining traction. These standards allow us to go much deeper and be much more accurate with supply chain risks like outdated software.”
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