Columbus-based Finite State raises $27M to expand connected-device security platform
Backed by private funds managed by The O.H.I.O. Fund, the company helps manufacturers find vulnerable code inside vehicles, medical devices and industrial equipment as AI-driven threats increase pressure to understand what software their products contain.
Columbus cybersecurity company Finite State has raised $27 million in Series C funding to expand internationally and help manufacturers identify security risks in connected devices, from vehicles and medical equipment to home electronics.
Private funds managed by The O.H.I.O. Fund led the round, which was announced Nov. 10. Finite State analyzes software and firmware—the code embedded in a device—inside finished products, helping manufacturers identify components and potential vulnerabilities that may not appear in development records or supplier inventories, according to the company.
The round at a glance
- Round Size: $27 million Series C
- Other participants: CIBC Innovation Banking, Energy Impact Partners, Energize Capital and National Grid Partners.
- Planned uses: Expand in international markets and accelerate development of the platform’s autonomous capabilities.
- Target industries: Automotive, medical devices, industrial equipment, consumer electronics and utility infrastructure.
Why it matters
Finite State says AI is accelerating the discovery and exploitation of software flaws, increasing pressure on manufacturers to determine which products contain vulnerable code.
Connected devices combine open-source libraries, third-party components and older code from multiple suppliers. A flaw in one shared component can affect numerous products, leaving manufacturers to establish where that code is used, whether attackers can exploit it and what needs to be fixed.
“AI-equipped attackers can now find a flaw faster than most manufacturers can figure out which of their products contain it,” founder and CEO Matt Wyckhouse said in the announcement.
Finite State says its platform identifies known and previously undiscovered vulnerabilities and helps security teams prioritize exploitable flaws. Its approach focuses on what is actually inside a finished product, rather than relying solely on records of what developers intended to include.
Ohio capital supports global growth
The financing connects a Columbus technology company with an investment firm focused on Ohio businesses. The O.H.I.O. Fund backs companies and projects across sectors including advanced manufacturing, biotechnology and infrastructure, according to the announcement.
“Finite State is solving an incredibly difficult product and technology security challenge by deploying a platform that has earned the trust of investors and customers,” Mike Venerable, a founding partner of The O.H.I.O. Fund, said in the release.
Finite State says its customers include organizations operating national power grids, a U.S. national security research laboratory, global automakers and medical-device manufacturers. The announcement also identified automotive electronics supplier Jet Optoelectronics as a customer.
What’s next
Alongside identifying vulnerabilities, Finite State positions its platform as a tool for manufacturers navigating cybersecurity requirements and industry standards, including the European Union’s Cyber Resilience Act and FDA premarket cybersecurity requirements.
The company says it generates software bills of materials—component inventories—and other documentation to support those efforts.
With the new capital, Finite State plans to deepen its presence in international markets while developing more autonomous tools to help manufacturers identify and address security risks across their software supply chains.
