Finite State, a product security firm specializing in connected devices, announced on Tuesday that it 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 capital to expand its international presence and enhance the autonomy of its connected device security platform. Finite State tied the investment to two major pressures facing manufacturers: a wave of critical flaws uncovered by AI-powered research in October, referred to as the Vulnpocalypse, and a growing set of product security mandates from regulators worldwide.
The platform inspects the actual code shipped in devices by analyzing compiled firmware and binaries, eliminating the need for source code. It serves manufacturers of vehicles, medical devices, industrial equipment, consumer electronics, and utility infrastructure. The solution identifies both known vulnerabilities and zero-day issues while helping teams prioritize and remediate exploitable flaws.
On the compliance front, the platform continuously produces SBOMs, VEX documents, and signed compliance packages. These outputs assist device makers in meeting regulations including the EU Cyber Resilience Act (CRA), FDA premarket cybersecurity requirements, UNECE R155 and R156 vehicle regulations, and the IEC 62443 industrial standard.
AI agents within the platform carry out analysis, triage, and testing, while also drafting regulatory reports. Customers can connect their own agents through an API and an MCP server for customized workflows.
“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,” said Matt Wyckhouse, founder and CEO of Finite State. “Governments are rightly advancing regulations to protect the public good, leaving security teams to prove that risks they identify are understood and addressed. Finite State delivers the evidence, intelligence, and automation to protect manufacturers, organizations, and consumers.”


