Fundraising Fox

Finite State

Founded 2017 Β· 82 employees on LinkedIn Β· 7 known investors

Finite State provides a product security and compliance platform that analyzes firmware, binaries, source code, and documentation to create a continuous system of record for connected devices. It serves product security teams building IoT and connected products, offering SBOM generation, vulnerability prioritization, threat modeling, and audit-ready compliance evidence.

Also known as Finite State, Inc.

Investors Β· 7

Also in the syndicate Β· 1

Schneider Electric Ventures

Funding

SEC filings, press & company announcements

$20M disclosed across 1 of 4 rounds Β· 2020–2024

Source: company announcements and press reports β€” follow each round's link for the claim.

Company profile

researched Aug 2026

Finite State provides a product security and compliance platform for manufacturers of connected and regulated products. The platform ingests product artifacts β€” firmware, binaries, source code, supplier SBOMs, documentation and third-party scan results β€” and produces software bills of materials (SBOMs), component inventories, vulnerability context, reachability analysis, VEX support, verification records, control mappings and audit-ready reports. The company positions this as a "Product Security OS" comprising four components: the Finite State Platform (analysis and system of record for shipped software), Assurance Studio, AgentOS and Finite State Copilot, with AI-native, review-gated workflows.

Capabilities described by the company include product threat modeling that links architecture, security requirements and verification plans to the software that ships; exploitability-based prioritization using reachability analysis, exploit intelligence and product context; and continuous monitoring so that evidence stays current as products and vulnerabilities change. The platform supports SBOM ingestion in CycloneDX and SPDX formats, binary SCA, binary SAST, configuration analysis and reachability analysis, exposed through a public v0 REST API and CI/CD integrations such as a Jenkins plugin offering post-build actions for binary analysis, SBOM import and third-party scan import. The company states support for 50+ binary instruction set architectures and 200+ out-of-the-box integrations.

Earlier company descriptions (2024) characterized Finite State as a provider of software risk management solutions for connected devices and software supply chains, with a platform acting as a central hub for device security drawing on over two billion data points to deliver SBOMs, vulnerability data and remediation guidance.

Compiled by commissioned research from 8 cited public sources β€” announcements, filings, and press listed under research sources below.

Key figures

latest reported
Auto-triage events since 2024Jan 2026178,000 events
Binary instruction set architectures supportedJan 202650 architectures
Data points available to the platformMar 20242,000,000,000 data points
EmployeesAug 202150 employees
Findings analyzed for reachability since 2024Jan 202610,900,000 findings
Out-of-the-box integrationsJan 2026200 integrations
SBOM downloads in the past two yearsJan 2026248,000 downloads
Scans automated per monthJan 202610,000 scans/month
Share of analyzed findings confirmed unreachable since 2024Jan 202640.5%
Total funding raisedAug 2021$50M
Unreachable findings removed in two yearsJan 20264,400,000 findings

Company-reported or press-reported figures, each dated to when it was claimed β€” not independently audited.

Founder mafia

2 people who came through Finite State went on to found or lead other companies.

Competitors Β· 10

by search overlap
Snyk238 shared keywordsSnyk is a developer-focused security platform that identifies and fixes vulnerabilities in code, dependencies, containers, and cloud infrastructure using AI-powered analysis. The company serves organizations of all sizes looking to integrate security into their software development process.
Netezza215 shared keywordsIBM is a global technology company whose business spans enterprise software (including Red Hat, HashiCorp, and Confluent), IT infrastructure such as mainframes, servers, and storage, and IT consulting services. The company is also investing heavily in quantum computing and AI-based enterprise offerings, including its Lightwell open-source software security clearinghouse and the Anderon quantum wafer foundry.
Sonatype202 shared keywordsSonatype provides software supply chain management and security solutions for managing open source software and AI dependencies. The company serves enterprise development teams by offering visibility, policy enforcement, and vulnerability management across the software development lifecycle.
Mend167 shared keywordsMend.io provides visibility and governance tools for identifying and managing shadow AI and software supply chain risks in organizations. The platform helps development teams and security practitioners secure AI and software dependencies across their systems.
Fossa161 shared keywordsFOSSA provides audit-grade open source license compliance software that scans codebases with full-text analysis to detect licenses, enforce policies, and automatically generate attribution documents. It serves both developer and legal teams by integrating license scanning into CI/CD pipelines and development workflows.
Cycode152 shared keywordsCycode provides an application security and product security platform focused on securing the software development lifecycle, including risks from AI-generated code and shadow AI. The company serves CISOs and security teams, offering research and tooling for AppSec and code security.
Checkmarx148 shared keywordsCheckmarx provides an application security (AppSec) platform that integrates into the software development lifecycle via developer-friendly APIs to embed security from development through deployment. The page describes its partner program for resellers, technology vendors, systems integrators, and managed service providers.
Palo Alto Networks144 shared keywordsPalo Alto Networks provides cybersecurity platforms and services to protect organizations' digital infrastructure across cloud, network, and security operations. The company serves enterprise organizations, governments, financial institutions, utilities, and healthcare providers globally.
Upguard139 shared keywordsUpGuard provides a platform for managing cybersecurity risk, including third-party vendor and supply chain risk assessment. It is aimed at organizations seeking to evaluate and monitor the security posture of their vendors.
Crowdstrike137 shared keywordsCrowdStrike provides an AI-native cybersecurity platform that unifies endpoint, identity, cloud, SaaS, and AI protection to detect and stop breaches for enterprise organizations. It combines automated response with human-led security operations including managed detection and response, threat hunting, and security services.

Companies competing with Finite State for the same Google search keywords, organic and paid, via search-intersection analysis.

Timeline Β· 5

launches, deals, and filings
Mar 2024
Finite State raises $20M growth round led by Energy Impact Partners

Finite State announced a $20 million growth round led by Energy Impact Partners, with participation from other strategic investors, to accelerate product development and expand its global market presence.

$20M source β†—

Mar 2024
Department of Energy funded project on energy sector device security

Announced at S4x24: Finite State, EPRI, Southern Company, Schneider Electric, Scythe, MITRE, Ameren and other industry partners were awarded a Department of Energy funded project to advance vulnerability discovery, triage and mitigation processes for critical energy sector devices.

source β†—

Mar 2024
S4x24 presentation on building an SBOM for an electrical substation

Finite State presented at S4x24 alongside Southern Company on building an SBOM for an electrical substation.

source β†—

Aug 2021
Finite State raises $30M Series B

Series B round led by Energize Ventures with participation from Schneider Electric Ventures and Merlin Ventures; the company said the round brought total funds raised to just shy of $50 million and that headcount would grow from 50 to more than 80 by the end of 2021.

$30M source β†—

Jun 2019
Huawei Supply Chain Assessment published

Finite State published a widely cited assessment reporting backdoors and security vulnerabilities in Huawei networking devices that could be used in 5G networks.

source β†—

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

In the news

β–ΈResearch sources Β· 8

primary sources listed

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Finite State do?
Finite State runs a product security and compliance platform that analyzes firmware, binaries and source code for connected devices.
Who are Finite State's investors?
Finite State's investors include Drive Capital, Energize Capital, Energy Impact Partners, SE Ventures, WUTIF Capital, National Grid Partners.
How much funding has Finite State raised?
Finite State has disclosed $20M raised across 1 of its 4 known rounds.