Fresh off a $38 million raise, a Nashville startup has appointed a security industry veteran as chairman of its board of directors.
Phosphorus Cybersecurity announced today that Art Coviello Jr. will lead its board, according to a news release.
Coviello has more than 25 years of experience in the information security industry, serving as president and CEO of RSA Security and working on several national cybersecurity initiatives, according to the release.
Phosphorus is poised for significant growth following a $38 million raise earlier this year. It's among the largest venture raises within the last few years for a Greater Nashville business not in the region's huge health care industry, according to data from PitchBook.
“We are honored to have Art’s commitment and support, and he will play an important role in helping us solidify our position as the leading [Internet of Things] security company in the global market,” Chris Rouland, CEO of Phosphorus Cybersecurity, said in the release. “We anticipate a large growth period ahead of us, as the size of the [Internet of Things] market is already 10X the traditional endpoint market and approaching $1 trillion in overall value.”
Phosphorus aims to secure the proliferating "Internet of Things," devices connected to a network that are exchanging data, and prevent those devices from hackers. The devices, which easily outnumber the global population, can be everything from printers and security cameras to smart thermostats, HVAC systems, badge readers and more.
“Phosphorus is a once-in-a-decade company, as it has created the only robust technology platform capable of remediating enterprise [Internet of Things] risks at scale,” Coviello said in the release. “[Internet of Things]-based attacks are already the next big cyber threat companies are facing, and they need advanced, reliable [Internet of Things] security solutions in the same way they’ve relied on traditional endpoint security solutions for the last 30 years."
Rouland and his wife and co-founder, former Home Depot executive Rebecca Rouland, started Phosphorus with third co-founder Earle Ady. The Roulands moved the business to Nashville in mid-2021 with multiple large clients in tow, choosing Music City over Austin as well as Atlanta and Southern California, where Phosphorus had offices at the time.
