Portland cybersecurity startup Eclypsium raised $25 million from investors to boost product development and sales momentum.
The round was led by cybersecurity investor Ten Eleven Ventures and included venture firm Global Brain’s KDDI Open Innovation Fund and J-Ventures. Existing backers Andreessen Horowitz, Madrona Venture Group, Alumni Ventures, AV8 Ventures, Intel Capital, Mindset Ventures, Oregon Venture Fund, Translink Capital and Ubiquity Ventures were also involved.
As part of this deal Ten Eleven co-founder Alex Doll is joining Eclypsium’s board of directors.
Eclypsium specializes in security for a layer of device software called firmware, which is the software programmed into devices that run underneath operating systems and other applications. Firmware is found in servers, network infrastructure, laptops and equipment and other areas. It can be vulnerable to attacks but also difficult to deal with due to the complexity of many different manufacturers involved in a single device.
The startup’s founders Yuriy Bulygin and Alex Bazhaniuk are alums of Intel Corp. (Nasdaq: INTC) where they were both security researchers focused on the firmware layer. They started the company in 2017 before the pandemic-induced shift to remote work, and they saw firmware security as an issue. Now, with people working remotely using more devices and more complex supply chains the issue has only grown, the two have said.
“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,” said Bulygin, who is also CEO of the startup. “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.”
This round brings Eclypsium’s total investment to $50 million. It last raised money in 2020 and since then has hit several milestones, according to a news release.
The startup’s annual recurring revenue is up 35 times from where it was two years ago and its customer base has increased 13 times, according to the company. Headcount is up to more than 80 people and is expected to be more than 100 by the end of the year.
The startup will be hiring with a focus on engineering. It is also seeing sales momentum in the federal government and enterprise.
"Eclypsium solves a critical and often overlooked dimension of the cybersecurity puzzle — ensuring every device is continuously protected against supply chain risk," said Doll in a written statement. "While device security was historically more controllable by the original device manufacturer, today's complex supply chain and reliance on third-party software and components have exponentially expanded the attack surface. Eclypsium has entered the market at the perfect time to address these complexities with its comprehensive solution."
