Finite State raises $27m Series C for connected-device security

Finite State raises $27m Series C for connected-device security

10 November 2026: Finite State, a Columbus, Ohio company that analyses the software inside finished connected devices, says it has raised a $27 million Series C led by private funds managed by The O.H.I.O. Fund. CIBC Innovation Banking, Energy Impact Partners, Energize Capital and National Grid Partners also took part.

Looking at what actually ships

Finite State's platform examines the software and firmware in a finished device rather than the source code its maker thinks it shipped. The company names vehicles, medical devices, industrial equipment, consumer electronics and utility infrastructure as its markets. It looks for known and previously unknown vulnerabilities and helps the manufacturer fix the ones that can be exploited.

The gap it targets is a real one in device supply chains. A product is assembled from open-source libraries, supplier components and legacy code, and the company says the firmware that ships often differs from what the source code and the software bill of materials describe.

Rules that put the proof on the maker

The release ties the round to a set of regulations that make manufacturers show security before a product is sold: the EU Cyber Resilience Act, the FDA's premarket cybersecurity requirements for medical devices, UNECE regulations R155 and R156 for vehicle cyber security and software updates, and IEC 62443 for industrial systems. Falling short, it says, can mean blocked market access, recalls and liability.

For carmakers and their suppliers, R155 and R156 already govern type approval in the markets that apply them, which is why firmware analysis has moved from a security team's tool to a compliance requirement. The release quotes Bruce Lin of JET Optoelectronics, an automotive tier-one supplier, as a customer.

"The Vulnpocalypse isn't a one-month event. It's the new baseline," said Matt Wyckhouse, founder and chief executive, referring to the wave of AI-found flaws disclosed in October.

Where the money goes

Finite State says the capital will expand its operations and presence in international markets and speed up development of what it calls the platform's autonomous capabilities. Mike Venerable, founding partner of The O.H.I.O. Fund, said governments are imposing new pressure on manufacturers "recognizing how quickly AI-enabled attackers can exploit vulnerabilities."

The release does not give the company's total funding, valuation or founding year.

For a manufacturer preparing for the Cyber Resilience Act or R155 audits, the question to ask any vendor in this space is whether it analyses the binary that ships or only the declared components, since the first is what a regulator's test will see.

Company profile on TrustList: Finite State

Sources

• Finite State: Finite State raises $27 million to help device makers fight the Vulnpocalypse with AI-powered product security, 10 November 2026, 10 November 2026