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Eclypsium co-founders Yuriy Bulygin, left, and Alex Bazhaniuk. (Eclypsium Photo)
Eclypsium, a Portland, Ore.-based startup that helps Fortune 500 companies and government agencies strengthen the cybersecurity of their technical infrastructure, raised $45 million in equity and debt as part of a Series C round.
Founded in 2017 by former security engineers at Intel, Eclypsium focuses on securing hardware, firmware, and software for private and public sector customers.
The startup is riding tailwinds from increasing threats of cybercrime and companies moving more workloads to the cloud, including AI-related work.
Eclypsium is led by CEO Yuriy Bulygin and CTO Alex Bazhaniuk.
“Eclypsium provides the independent view to verify that firmware hasn’t been compromised and is properly configured and free of vulnerabilities,” Bulygin told GeekWire. “We also have a powerful ML-based threat detection capability that uses binary analysis to protect against previously unknown threats, vulnerabilities, and misconfigurations.”
Other investors in the Series C round include Silicon Valley heavyweight Andreessen Horowitz and Seattle’s Madrona Venture Group, along with Ten Eleven Ventures, Qualcomm Ventures, Pavilion Capital, Singtel Innov8, and Sixty Degree Capital.
Eclypsium raised $25 million in 2022 and has quadrupled its annual recurring revenue since then, Bulygin said. Total funding to date is $85 million.
The 87-person company is ranked No. 143 on the GeekWire 200, our list of top tech startups in the Pacific Northwest.
Funding to cybersecurity startups topped $4 billion in the second quarter last year before dropping off in Q3, according to Crunchbase.
