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Phosphorus Secures $27M to Develop xIoT Security Solutions

Phosphorus Secures $27M to Develop xIoT Security Solutions

Phosphorus Cybersecurity Inc., based in Nashville, is a leader in safeguarding and managing devices within the expanding realm of the “extended” Internet of Things (xIoT). The company has unveiled a significant achievement of securing a $27 million investment in its latest funding round, with Evolution Equity Partners taking the lead.

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Chris Rouland, the CEO of Phosphorus, remarked, “This year has proven to be a testament to our strength… and securing backing from a prominent venture capital entity such as Evolution Equity Partners sets the stage for an even more robust growth trajectory in the forthcoming year.

J.R. Smith, a Partner at Evolution Equity Partners, echoed resounding praise, affirming Phosphorus’s transformative impact on the xIoT security and management landscape through its advanced capabilities.

Understanding xIoT: Expanding the Internet of Things

The term “xIoT,” or Extended Internet of Things, broadens the horizon of IoT, embracing a wider array of devices beyond conventional consumer-facing products. Meanwhile, IoT generally includes devices like smart TVs, printers, and appliances. xIoT expands IoT to encompass specialized hardware and systems utilized in industrial processes and facilities, such as Supervisory Control and Data Acquisition (SCADA) systems and other sector-specific hardware. In essence, xIoT extends the IoT concept to incorporate devices beyond those typically controlled directly by users.

Phosphorus’ Advancements in xIoT Security

Phosphorus stands at the forefront of the cybersecurity landscape, offering comprehensive discovery, remediation, and security management across an extensive spectrum of xIoT devices. The company’s pioneering Unified xIoT Security Management Platform, endorsed by industry analysts like Gartner, delivers unparalleled coverage by directly engaging with all xIoT devices using their native protocols.

This technology empowers organizations across diverse sectors to effortlessly detect, rectify, monitor, and oversee their CPS estates, eliminating the intricacies associated with traditional methods.

Allocated Capital for Phosphorus’ Advancement

The infusion of additional capital into Phosphorus aims to expedite the company’s research and development endeavors and bolster its go-to-market strategies. This strategic move aligns with the burgeoning demand for Phosphorus’ CPS Protection Platform, addressing the evolving needs in the domain of xIoT security.

XIoT Security Findings

Phosphorus’s recent findings from its Global Device Network reveal a pressing concern regarding xIoT vulnerabilities. Shockingly, 75% of devices persist with default p********, 70% carry high critical vulnerabilities, and 30% are unsupported, end-of-life models.

In response, Phosphorus is taking proactive measures through its platform to elevate security standards for its clientele. This includes crucial firmware updates and routine password rotations to bolster security hygiene.

The company’s commitment to fortifying the cyber-physical landscape is evident in its continuous evaluation of over 50 million new IPs weekly. Leveraging its patented xIoT Intelligent Active Discovery feature, Phosphorus automates identifying and mitigating critical vulnerabilities in IoT, OT, IIoT, and IoMT devices.

Phosphorus’s dedication to excellence has earned it industry recognition, notably being highlighted as a Representative Vendor in the 2023 Gartner Market Guide for CPS Protection Platforms, underscoring its significant strides in addressing these critical vulnerabilities.

FAQs

1. What is the significance of the “extended” Internet of Things (xIoT)?

xIoT expands the concept of IoT (Internet of Things) by including a broader spectrum of devices beyond typical consumer-facing products. It encompasses specialized hardware used in industrial processes and sector-specific systems like SCADA systems, extending the IoT framework to cover a wider range of devices.

2. How does Phosphorus Cybersecurity contribute to xIoT security?

Phosphorus is a leader in xIoT security, offering a Unified xIoT Security Management Platform that provides comprehensive security, discovery, and remediation for a wide range of xIoT devices. Their technology engages directly with xIoT devices using native protocols, enabling efficient management and security across diverse sectors.

3. How does Phosphorus actively address these xIoT vulnerabilities?

Phosphorus takes proactive measures by implementing crucial firmware updates and routine password rotations through its platform. Leveraging its xIoT Intelligent Active Discovery feature, the company automates identifying and mitigating critical vulnerabilities in various IoT, OT, IIoT, and IoMT devices.

[To share your insights with us, please write to sghosh@martechseries.com]

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