Phosphorus Secures $27M Funding to Expand its xIoT Security Offerings

ByYasmeeta Oon

Dec 27, 2023

Phosphorus Cybersecurity Inc., headquartered in Nashville, specializing in securing and managing the extended Internet of Things (xIoT), has successfully raised $27 million, led by Evolution Equity Partners. CEO Chris Rouland expressed gratitude for the strong performance year and the backing from a notable venture firm, anticipating further growth. J.R. Smith of Evolution Equity Partners commended Phosphorus for its pioneering work in xIoT security.

xIoT, an expansion of the traditional Internet of Things (IoT), encompasses a broader range of devices including industrial systems like SCADA, as well as other specialized hardware, extending beyond typical consumer devices. Phosphorus distinguishes itself in this field with a comprehensive xIoT Security Management Platform, offering extensive discovery, remediation, and management capabilities across diverse xIoT devices using their native protocols.

The funding will boost the company’s research, development, and market expansion to meet increasing demand. Phosphorus’s statistics reveal a critical need for improved security practices in the xIoT space, with most devices having default passwords and many having severe vulnerabilities or being unsupported. Phosphorus’s platform, recognized in the industry for its innovation, provides vital firmware updates and security enhancements, contributing to a safer cyber-physical environment. Its efforts in automating vulnerability mitigation and ongoing global device network assessments have earned it substantial recognition in the cybersecurity community.

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.