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
Funding
SEC filings, press & company announcements$20M disclosed across 1 of 4 rounds Β· 2020β2024
- $20MGrowth roundMar 2024 Β· 3 sources
Energy Impact Partners (lead)
Source β - Undisclosed amountSeries BAug 2021Source β
Source: company announcements and press reports β follow each round's link for the claim.
Company profile
researched Aug 2026Finite 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 reportedCompany-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 overlapCompanies competing with Finite State for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 5
launches, deals, and filingsFinite 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
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.
Finite State presented at S4x24 alongside Southern Company on building an SBOM for an electrical substation.
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
Finite State published a widely cited assessment reporting backdoors and security vulnerabilities in Huawei networking devices that could be used in 5G networks.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
βΈResearch sources Β· 8
primary sources listed
- Finite Statefinitestate.io Β· web
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.











