Finite State Secures $27M for IoT Security Expansion
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COLUMBUS, Ohio, Nov. 10, 2026 /CourierPR/ -- Management today announced a $27 million Series C funding round, led by private funds managed by The O.H.I.O. Fund, with participation from CIBC Innovation Banking, Energy Impact Partners, Energize Capital, and National Grid Partners. This investment will expand Finite State’s already global operations, deepen its presence across key international markets, and accelerate development of the platform’s autonomous capabilities.
Finite State, a leader in product security and software supply chain risk management, is dedicated to securing the world’s connected devices. The company’s AI-driven product security platform analyzes the software and firmware inside finished devices, providing manufacturers with visibility into the products they build and sell, from vehicles and medical devices to industrial equipment, consumer electronics, and critical utility infrastructure.
The platform uncovers both known and zero-day vulnerabilities, guiding manufacturers in fixing the exploitable ones before attackers strike, making everyday life safer and more secure. The new capital will enable more manufacturers around the world to uncover the gap between the software they plan to ship and what actually runs in the finished device, and to continuously identify and mitigate security risks across increasingly complex software supply chains.
The funding comes at a turning point for product security. In October, AI-powered research uncovered critical flaws in some of the world’s most widely used software, including a vulnerability in the PHP programming language that underpins much of the web, in a surge security leaders have dubbed the “Vulnpocalypse.” AI has shrunk the time it takes to find a flaw and turn it into an attack from weeks to days, and sometimes hours. Connected devices are especially exposed: a single flaw in a shared open-source component can sit inside millions of shipped products that are hard to inventory and slow to patch. For manufacturers, the urgent question is no longer whether a vulnerability exists. It is which of their products contain it.
In parallel, regulators worldwide now expect connected products to be secure by design, with security built in and demonstrated before a device ships rather than added after it reaches the market. The EU Cyber Resilience Act, FDA premarket cybersecurity requirements, UNECE R155 and R156 for vehicles, and IEC 62443 for industrial systems all place the burden of proof on the manufacturer, and the cost of falling short includes blocked market access, recalls, and liability.
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.
Finite State’s 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, 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.
Among its latest honors, Finite State was named to the 2026 Inc. 5000, an annual ranking of the fastest-growing private companies in America, and chosen as a finalist in SiliconANGLE’s prestigious 2026 TechForward Awards in the Security category.
The upcoming EU CRA SBOM requirements, the UNECE R155 and R156 for vehicles, and IEC 62443 for industrial systems all place the burden of proof on the manufacturer. The Pain in the Cold Chain: How Weak Firmware Made Warm Freezers is a practical guide for manufacturers to understand the vulnerabilities in their products.