Binarly, an LA-based startup with a focus on firmware and software supply chain security, has secured $10.5m in venture capital funding.
According to Security Week, the investment round was led by Two Bear Capital and saw participation from several high-profile investors including Cisco Investments, Blu Ventures, Canaan Partners, and Liquid 2 Ventures. Additionally, early backers such as Westwave Capital and Acrobator Ventures reaffirmed their support by joining this oversubscribed seed-stage round.
At its core, Binarly is pioneering the development of an AI-powered solution aimed at enabling security teams to effectively identify and mitigate a range of security issues plaguing the firmware and software supply chain. The company’s flagship offering, the Binarly Transparency Platform, is designed to automate the detection of both known and unknown vulnerabilities as well as the identification of potential malicious code implementations.
Founded by Alex Matrosov, a former NVIDIA researcher, Binarly has quickly made a name for itself within the vulnerability research field. The company has been instrumental in discovering and rectifying numerous significant software flaws, including the high-profile LogoFAIL problem that left billions of devices across the globe vulnerable.
The recent funding injection is set to further Binarly’s mission to secure software supply chains worldwide, addressing the critical need to safeguard against vulnerabilities in the open-source code ecosystem. The company’s technology is already being leveraged by enterprise customers to proactively screen for and manage software vulnerabilities, map out transitive dependencies, and identify firmware implants among other malicious threats. Additionally, Binarly’s solutions are aiding device manufacturers, OEMs, and IBVs in detecting bugs and configuration errors early in the code generation process, thus significantly reducing the risk of exposure to serious security breaches. To complement these efforts, Binarly also offers validated remediation playbooks, aimed at minimizing the costs and time associated with responding to security incidents.
“In light of the increasing complexity of software supply chains and the evolving threat landscape, our platform’s ability to offer comprehensive visibility and actionable intelligence is more critical than ever,” Binarly founder and former NVIDIA researcher Alex Matrosov said, highlighting the importance of the investment for the company’s strategic direction.
Prior to this round, Binarly had raised an undisclosed amount in a pre-seed funding round from Westwave Capital and Acrobator Ventures, showcasing the sustained confidence in the company’s vision and technology.
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