NetRise, an Austin, Texas-based company that developed a cloud-based SaaS platform that analyzes and continuously monitors the firmware of Extended Internet of Things (XIoT) devices, announced $8 million in funding.
The round was led by Squadra Ventures, with participation by existing major investors Miramar Digital Ventures, Sorenson Ventures, and DNX Ventures.
This funding will allow NetRise to expand its platform capabilities such as coverage for Windows systems and containers as well as the development of additional machine-learning models for advanced analysis.
"Firmware security is not a problem that is relegated to a particular vertical or industry. We have built our platform in such a way that support for automotive, networking equipment, consumer IoT, industrial control systems, and medical device firmware alike are all supported," said Tom Pace, co-founder, and CEO of NetRise. "While working at the Department of Energy, I saw firsthand how little insight we had into the vulnerabilities and risks embedded in technology critical to every aspect of our daily lives. Our vision is that every technology user understands the ingredients in their tools and the potential implications of those components, no matter the source."
By expanding its features, the NetRise platform allows for ongoing evaluation and analysis, compliance checks, live risk monitoring, and the creation, storage, and organization of Software Bills of Materials (SBOMs).
Company: NetRise, Inc.
Raised: $8.0M
Round: Unknown
Funding Month: April 2023
Lead Investors: Squadra Ventures
Additional Investors: Miramar Digital Ventures, Sorenson Ventures, and DNX Ventures
Company Website: https://www.netrise.io/
Software Category: Firmware Security
About the Company: NetRise is a cybersecurity company that developed an automated, cloud-based platform that provides a comprehensive insight into the many risks present in a firmware image. These risks and associated artifacts are presented in a clear and concise manner allowing consultants, operators, and SOC analysts alike to take appropriate action and begin to address the risks presented by firmware in their environment. NetRise was built by defensive cyber experts bred across the private sector, intelligence community, and U.S. federal government to solve the firmware security problem. The company is currently partnering with companies across manufacturing, automotive, medical devices, industrial control systems, satellites, and many more.
Source: https://www.prnewswire.com/news-releases/netrise-announces-8-million-in-funding-to-advance-xiot-security-technology-301806441.html