In an oversubscribed funding round, cloud-based business device protection software provider Eclypsium reported on Thursday that it would raise $13 million. To date , a total of $25 million has been raised by the firm.
The business, founded in 2017 and headquartered in Portland, Oregon, aims to protect modern distributed organisations by delivering security across all device types, from laptops to servers and network infrastructure.
Eclypsium’s cloud-based software can be easily implemented to help companies identify their products and detect and fix firmware bugs remotely, search for supply chain violations, and monitor for recurrent firmware assaults.
The new investment, the organisation claims, would help it ramp up initiatives and develop finance, logistics, and testing departments. In addition, it would allow it to concentrate on improving its platform ‘s capability to ensure that it will satisfy increasing consumer demand.
Since its Series A funding round, which closed in December 2018, Eclypsium reports it has seen a 2000 percent rise in annual recurring sales.
New investors AV8 Ventures, Alumni Ventures Group, Attitude Ventures, Ridgeline Partners, and TransLink Capital were interested in the new funding round, as well as returning investors Andreessen Horowitz, Intel Capital, Madrona Venture Community, and Ubiquity Ventures.
In cooperation with our clients, we have developed world-class experience and technologies to resolve the risk of firmware. Besides our returning supporters, we are honoured to have the support of these new partners, both of whom will help us grow into new verticals and geographies. Today is another landmark for our clients , investors, and workers, to whom we owe the tremendous growth of our business, ”said Yuriy Bulygin, CEO of Eclypsium.