Finite State Secures $27M in Series C Funding

Finite State, a Columbus, OH-based provider of an AI-driven product security and software supply chain risk management platform, has raised $27 million in a Series C funding round.

The round was led by private funds managed by The O.H.I.O. Fund, with participation from CIBC Innovation Banking, Energy Impact Partners, Energize Capital, and National Grid Partners.

The company will use the funding to expand its global operations, strengthen its presence in key international markets and accelerate the development of its platform’s autonomous capabilities.

What is Finite State?

Founded in 2017, Finite State provides an AI-powered platform that helps manufacturers identify security risks in the software and firmware used in connected devices.

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Its platform analyses the software inside finished products, including vehicles, medical devices, industrial equipment, consumer electronics and utility infrastructure. It identifies known and zero-day vulnerabilities and helps manufacturers understand which issues need to be fixed.

The technology examines software components, compiled code and firmware to give manufacturers a clearer view of the security risks in their products. It also helps engineering teams prepare software bills of materials (SBOMs), vulnerability exploitability exchange (VEX) documents and compliance reports.

The platform addresses a growing challenge for manufacturers: connected products often contain software from multiple suppliers, open-source libraries and legacy systems. This makes it difficult to identify every component and detect vulnerabilities before products reach customers.

How Much Funding Has Finite State Raised?

Finite State has raised $27 million in its latest Series C funding round. The company has not disclosed its total funding raised or details of previous funding rounds in the announcement.

Who Invested in Finite States Series C Round?

The Series C round was led by private funds managed by The O.H.I.O. Fund.

Other participating investors included:

• CIBC Innovation Banking
• Energy Impact Partners
• Energize Capital
• National Grid Partners

Why the Funding Matters

Finite State will use the capital to expand its global operations and deepen its presence in international markets.

The funding will also support the development of autonomous capabilities across its product security platform.

The investment comes as manufacturers face increasing pressure to identify software vulnerabilities and meet cybersecurity requirements before connected products reach the market. Regulations and standards such as the EU Cyber Resilience Act, FDA premarket cybersecurity requirements, UNECE R155 and R156, and IEC 62443 are increasing the need for better product security and compliance processes.

Who founded Finite State?

Finite State was founded in 2017 by Matt Wyckhouse. The company is headquartered in Columbus, Ohio.

Finite State founder and CEO Matt Wyckhouse said: “The Vulnpocalypse isn’t a one-month event. It’s the new baseline. AI-equipped attackers can now find a flaw faster than most manufacturers can figure out which of their products contain it. Governments are rightly advancing regulations to protect the public good, leaving security teams to prove that risks they identify are understood and addressed.

Market and Business Growth

Finite State serves manufacturers across sectors such as automotive, medical devices, industrial equipment and critical infrastructure.

Its platform analyses software and firmware to identify vulnerabilities and generate security and compliance documentation. The company says its technology can unify information from source code, compiled components and firmware in minutes.

The platform also supports continuous generation of SBOMs, VEX documents and signed compliance packages, helping manufacturers track software risks and meet changing regulatory requirements.

What Happens Next?

Finite State plans to expand its international operations and strengthen its presence in key global markets.

The company will also accelerate the development of its platform’s autonomous capabilities, with a focus on helping manufacturers identify software risks and manage product security as connected devices become more complex.

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