The new round highlights market demand to protect global businesses from soaring breaches through supply chains of critical hardware, devices, firmware and software
Eclypsium announced it has raised $25 million in Series B financing led by Ten Eleven Ventures, the original cybersecurity-focused, global, stage-agnostic investment firm. Global Brain’s KDDI Open Innovation Fund (KOIF) and J-Ventures are also participating investors in the round. New investors are joined in the round by prior lead investors Andreessen Horowitz and Madrona Venture Group, and existing investors Alumni Ventures, AV8 Ventures, Intel Capital, Mindset Ventures, Oregon Venture Fund (OVF), Translink Capital and Ubiquity Ventures. This brings the company’s total funding to $50 million. Eclypsium also welcomes Alex Doll, Ten Eleven’s co-founder, to its Board of Directors.
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Eclypsium will use the Series B capital to expand its product capabilities to help its enterprise and public sector customers secure and ensure integrity of hardware, firmware and the software supply chain, further accelerate enterprise and Federal sales momentum, and continue to foster its leadership in supply chain security research.
Recent reports indicate that 80% of organizations experienced a cyberattack due to vulnerabilities in their supply chain. Supply chain attacks were up more than 100% year-over-year in 2021. Government agencies globally are increasingly issuing warnings and mandates such as the White House OMB memorandum on enhancing supply chain security. Device software and firmware has emerged as the leading source and accounts for almost a quarter of Known Exploited Vulnerabilities published by the Cybersecurity and Infrastructure Security Agency (CISA).
“Eclypsium solves a critical and often overlooked dimension of the cybersecurity puzzle – ensuring every device is continuously protected against supply chain risk,” commented new lead investor Alex Doll of Ten Eleven Ventures. “While device security was historically more controllable by the original device manufacturer, today’s complex supply chain and reliance on third-party software and componentry have exponentially expanded the attack surface. Eclypsium has entered the market at the perfect time to address these complexities with its comprehensive solution. We are proud to join the forward-looking investors already backing them in their important mission.”
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Eclypsium also announced the addition of Alex Doll to its Board of Directors. As Co-Founder and Managing General Partner of cybersecurity speciality Ten Eleven Ventures and former Co-Founder of PGP Corp. (acquired by Symantec), Mr. Doll brings many years of experience in leading and growing cybersecurity companies to help guide Eclypsium in its next phase of growth.
Since Eclypsium’s Series A round, the company has increased headcount by 5x, achieved 35x growth in annual recurring revenue and expanded its customer base by 13x. In addition to these achievements, Eclypsium has also:
- Appointed multiple industry leaders to its executive team across sales, engineering, marketing, and research
- Won multiple prestigious awards including the Gartner Cool Vendor, CNBC Upstart 100, and Fast Company Most Innovative Security Companies awards
- Discovered industry-wide risks in the supply chains of major equipment manufacturers across enterprise laptops, servers, PC firmware, and critical device software.
- Been added to CISA’s Continuous Diagnostics and Mitigation as the only supply chain security solution for enterprise hardware and firmware.
“The complexity and dependency on global supply chains of critical hardware and software has created an attractive and rapidly growing playing field for threat actors, whose goal is to achieve maximum detrimental impact, across as many organizations at once. As such, we are seeing a shift in focus as organizations evaluate their defense approaches and move towards the zero trust principle in protecting their devices and supply chains,” said Yuriy Bulygin, CEO and Co-Founder of Eclypsium. “We look forward to partnering with our new investors as we continue to educate and equip organizations with the knowledge and tools to defend their device fleets and supply chains. This investment will further expand our footprint as the leading provider of a comprehensive platform securing critical hardware, firmware and software in organizations’ supply chains.”