UPDATED 08:00 EDT / DECEMBER 20 2023


IoT security startup Phosphorus raises $27M for research and development

Internet of things security startup Phosphorus Cybersecurity Inc. today announced that it has raised $27 million in new funding to expand its research and development and market outreach for its so-called Cyber-Physical Systems Protection Platform.

Founded in 2017, Phosphorus offers what it calls a United xTended IoT Security Management platform for unified security and device management.

With a mission to help enterprises “manage the unmanageable,” the platform offers complete discovery, remediation and security management for the full range of Cyber-Physical System assets – including more than 1 million unique xIoT models. The xIOT devices include a broad spectrum of Cyber-Physical Systems that cover IoT, operational technology, industrial IoT and embedded medical devices.

The Unified xIoT Security Management Platform is said to provide unmatched security management and breach prevention across every industry vertical to deliver discovery and risk assessment. The platform also offers proactive hardening and remediation, combined with continuous monitoring and management.

One feature of the platform, the xIoT Intelligent Active Discovery and risk assessment, automates the mitigation and remediation of the most significant IoT, OT and related device vulnerabilities – including unknown and inaccurate asset inventory, default credentials, out-of-date and vulnerable firmware, risky configurations, banned and end-of-life devices, and expired or self-signed certificates.

The platform allows organizations to find, fix, monitor and manage their CPS estates without agents, complexity or infrastructure dependencies. The Intelligent Active Discovery engine achieves 100% device certainty by discovering and assessing CPS assets up to 16 times faster than traditional passive scanners with up to 95% better efficiency than legacy active scanners, the company claims.

Phosphorus is seeing strong growth, assisting its customers in assessing more than 50 million new IP addresses each week, with the number having surpassed 1 billion in total.

The Series A2 round was led by Evolution Equity Partners LP and is on top of a round of $38 million raised by Phosphorus in February 2022. SYN Ventures and MassMutual Ventures LLC funded the earlier round.

“This has been a strong year for the company, as enterprise demand to discover, secure and manage xIoT devices continues to grow,” Chief Executive Chris Rouland said ahead of the announcement. “Phosphorus is uniquely positioned to improve the state of security for some of the largest enterprise customers across millions of critical Cyber-Physical Systems and this funding will allow us to scale up our operations to meet this growing demand.”

Image: Phosphorus

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