Phosphorus Raises $27 Million Series A2 Financing Round

Phosphorus Cybersecurity Inc., known for its unified security and device management in the xTended Internet of Things (xIoT), just raised an extra $27 million in a Series A2 funding round led by Evolution Equity Partners. This investment comes after Phosphorus unveiled groundbreaking innovations. Furthermore, these advancements have solidified its position in shaping a new category of Unified xIoT Security Management.

With this funding boost, Phosphorus aims to expand its research and development efforts. Additionally, they plan to enhance market efforts to meet the growing demand for its award-winning CPS Protection Platform. This platform aims to proactively and safely reduce the risk of compromise for various device estates like IoT, OT, IIoT, and IoMT.

Phosphorus has a patented Unified xIoT Security Management Platform recognized by Gartner. It stands out by directly communicating with all xIoT devices in their native protocols. This allows organizations to easily find, fix, monitor, and manage their CPS estates without agents or complex setups. With over a billion enterprise IPs assessed, the platform uses the industry’s first Intelligent Active Discovery (IAD) engine, achieving 100% device certainty the first time, discovering assets up to 16 times faster than traditional methods.

Ensuring xIoT security is crucial as device security declines. Phosphorus, through its Global Device Network, notes concerning security issues, like 75% of devices using default passwords and 70% having known vulnerabilities. Phosphorus helps assess over 50 million new IPs weekly. Their platform is helping enterprises improve security by updating firmware 24 times more and rotating passwords 110 times more than before. This risk reduction significantly minimizes the chances of compromise in IoT/OT/IIoT/IoMT estates.

Phosphorus CEO Chris Rouland said in a statement:

“This has been a strong year for the company, as enterprise demand to discover, secure, and manage xIoT devices continues to grow, and we are honored to have the support of a leading venture capital firm like Evolution Equity Partners as we prepare for an even more robust growth cycle next year. Phosphorus is uniquely positioned to improve the state of security for some of the largest enterprise customers across millions of critical Cyber-Physical Systems and this funding will allow us to scale up our operations to meet this growing demand.”