IoT Security Firm Phosphorus Raises $27 Million for R&D and Cyber-Physical Systems Protection

Phosphorus Cybersecurity Inc., an Internet of Things security firm, secures an additional $27 million for research and development of its Cyber-Physical Systems Protection Platform. The Unified xTended IoT Security Management platform offers comprehensive discovery, remediation, and security management for various Cyber-Physical System assets, assisting businesses in managing diverse xIoT devices, including embedded medical devices, industrial IoT, and operational technology.

The platform provides unparalleled security management, proactive hardening, and risk assessment, addressing vulnerabilities efficiently. Phosphorus aims to mitigate risks with its Intelligent Active Discovery engine, offering faster risk assessment compared to conventional scanners. The company has rapidly expanded, evaluating over 50 million new IP addresses weekly out of a total of over 1 billion.

The Series A2 financing, led by Evolution Equity Partners LP, tops the $38 million round raised in February 2022. Phosphorus plans to use the funding to expand operations and meet the growing demand for its unique security solution, benefiting millions of vital Cyber-Physical Systems for enterprise customers.

CEO Chris Rouland notes the strong enterprise demand for discovering, securing, and managing xIoT devices, emphasizing that the funding allows Phosphorus to better serve its customers with an innovative security solution.