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Eclypsium, a Portland security startup that protects device supply chains, raises $25M

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An Eclypsium dashboard. (Eclypsium Image)

Portland, Ore.-based cybersecurity startup Eclypsium raised $25 million to expand its efforts to secure hardware, firmware and software for its private and public sector customers.

The Series B funding round brings the company’s total raised to $50 million and was led by Ten Eleven Ventures, a cybersecurity focused investment firm. Other backers include Silicon Valley heavyweight Andreessen Horowitz and Seattle’s Madrona Venture Group.

Yuriy Bulygin, co-founder and CEO, Eclypsium (Eclypsium Photo)

“Eclypsium solves a critical and often overlooked dimension of the cybersecurity puzzle — ensuring every device is continuously protected against supply chain risk,” said Alex Doll, managing general partner of Ten Eleven Ventures, in a statement Tuesday announcing the funding.

Doll noted that device security historically was more easily addressed by device manufacturers, but the increased use of third-party software and components has “exponentially expanded the attack surface.” Eclypsium’s tools address these complex security threats.

Doll will join the board of directors of the company, founded in 2017 by two former security engineers at Intel, CEO Yuriy Bulygin and CTO Alex Bazhaniuk. Eclypsium now has 80 employees and expects to grow to more than 100 by the end of the year.

The startup has contracts with the U.S. government and with firms in the Forbes Global 2000 ranking of largest companies in the world, according to a spokesperson. The funding will be used to expand product capabilities, support sales, and fund ongoing research into supply chain security.

The new round also included new investors Global Brain’s KDDI Open Innovation Fund and J-Ventures; and existing investors Alumni Ventures, AV8 Ventures, Intel Capital, Mindset Ventures, Oregon Venture Fund (OVF), Translink Capital and Ubiquity Ventures.

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