Meeting that standard is difficult because modern connected products are assembled, not written from scratch. A single device can contain open source libraries, third-party components, and legacy code from many suppliers, and what ships in the finished firmware often differs from what the source code and bill of materials describe. Manufacturers cannot secure what they cannot see.
“Every connected product—cars, infusion pumps, toys, OT, baby monitors, your home router—runs on third-party code and components, making inspection and security exceptionally challenging,” said Mike Venerable, Founding Partner, The O.H.I.O. Fund. “Governments worldwide are imposing new regulatory pressures on manufacturers, recognizing how quickly AI-enabled attackers can exploit vulnerabilities. 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. We are delighted to support Finite State through this financing and believe the company will be an important solution for connected device security and supply chain risk mitigation.”“Moments like this separate the companies built for what’s coming from those still catching up,” said Brittany Blanco, Innovation Banking Director II, CIBC Innovation Banking. “We’re excited to back a team that saw this shift early and is ready to meet it on a global scale.”
Finite State customers span the world’s critical infrastructure and connected device ecosystem—from national power grids and a U.S. national security research laboratory to global automakers, life-saving medical devices, and the connected hardware running inside homes, hospitals, and factories worldwide. With the IoT security market projected to reach $80.3 billion by 2031,[1] Finite State’s growing international customer base reflects a challenge that increasingly transcends borders: manufacturers must understand exactly what software is inside their products, whether it can be exploited, and what they need to do about it.