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Nashville-based Phosphorus Cybersecurity Inc., which offers security and device management for the so-called “extended” Internet of Things (xIoT) today announced a $27 million funding round, spearheaded by Evolution Equity Partners.
“This has been a strong year for the company… 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,” said Chris Rouland, the CEO of Phosphorus.
J.R. Smith, Partner at Evolution Equity Partners, echoed the sentiment, stating Phosphorus is “revolutionizing the xIoT security and management market with its advanced capabilities.”
What is the xIoT and how does it differ from regular IoT?
Anyone working in tech or following the sector over the last decade-plus has likely come across the term “internet of things,” commonly abbreviated as IoT, a term that, in a general sense, refers to inanimate and sometimes independent devices connected to the internet that run processes over it automatically — think printers/copiers, routers, game consoles, smart TVs and other appliances.
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Basically, all the stuff that can be connected that is not a computer or mobile device, which are typically directly controlled by users.
xIoT, by contrast, differs in the sense of its scope: following the terminology of “extended,” the term refers to even more categories of devices, such as Supervisory Control and Data Acquisition (SCADA) systems used to control industrial process and facilities, consoles, sensors, and other specialized, sector-specific hardware. In other words, IoT including non-consumer facing devices.
What Phosphorus offers for xIoT security
Phosphorus stands out in the cybersecurity landscape with its unique capability to provide complete discovery, remediation, and security management across a vast spectrum of devices on the xIoT.
The company’s innovative Unified xIoT Security Management Platform, recognized by industry analysts like Gartner, offers unparalleled coverage, directly communicating with all xIoT devices in their native protocols.
This tech enables organizations across various sectors to effortlessly find, fix, monitor, and manage their CPS estates without the complexities of traditional methods.
This additional capital is earmarked for accelerating Phosphorus’ research and development and go-to-market initiatives, catering to the surging demand for its CPS Protection Platform.
Alarming stats on xIoT vulnerabilities
Underlining the urgency of this initiative, Phosphorus reveals alarming statistics from its Global Device Network, indicating that a staggering 75% of devices operate with default passwords, 70% harbor high to critical vulnerabilities, and 30% are end-of-life, unsupported models.
Through its platform, Phosphorus is addressing these challenges, enhancing security hygiene among its customers with significant firmware updates and password rotations.
As part of its commitment to safeguard the cyber-physical landscape, Phosphorus assesses more than 50 million new IPs each week, a number that continues to climb. The company’s patented xIoT Intelligent Active Discovery and risk assessment feature automates the mitigation of critical IoT, OT, IIoT, and IoMT device vulnerabilities.
In recognition of its efforts, the Phosphorus platform has garnered numerous industry accolades and was recently featured as a Representative Vendor in the 2023 Gartner Market Guide for CPS Protection Platforms.
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