Connected device security startup Finite State Inc. announced today it has raised $30 million in new funding to scale up its business.

Energize Ventures led the Series B round. Other investors included Schneider Electric Ventures and Merlin Ventures.

Founded in 2017 by a team with backgrounds in the U.S. intelligence community, the company aims to protect devices and embedded systems by illuminating the vulnerabilities and threats within their complex software supply chain.

Finite State provides firmware layer cybersecurity controls that are purpose-built for connected devices and their supply chains. The Finite State Platform automatically analyzes each device, allowing users to identify risk across a comprehensive matrix of factors.

Customers can access the platform by simply uploading device firmware to the company’s platform. Within minutes the platform provides an overall risk score, a robust Software Bill of Materials, a list of existing threats and vulnerabilities, and a wide array of other factors that affect the security of your device.

Supply chain risk assessment includes revealing information about legal risks, manufacturing location and geopolitical risks. The platform also assesses standards and regulatory compliance issues allowing asset owners and device manufacturers to stay ahead of new regulations.

Finite State pitches itself as enabling device manufacturers and their customers to understand and mitigate their risks before they are compromised.

The company has seen strong growth and has expanded its headcount to match. One recent hire was Eric Greenwald, a former Obama administration official who served with the U.S. National Security Council, Federal Bureau of Investigation and U.S. Cyber Command.

“As today’s energy and industrial sectors chase better connectivity, tighter regulations are simultaneously demanding asset owners to prove the security of their embedded devices,” Juan Muldoon, partner at Energize Ventures, said in a statement. “Finite State is a category-defining company securing critical infrastructure in the energy and industrial spaces by delivering clear visibility into security gaps throughout the supply chain.”

Including the new funding, Finite State has raised $49.5 million to date, according to Crunchbase. Previous investors include Zetta Venture Partners, Energy Impact Partners and Drive Capital.

Image: Finite State