NetRise Secures $10 Million in Funding to Enhance Software Security
NetRise has recently announced a significant investment of $10 million aimed at expanding its software supply chain security solutions. This funding allows the company to broaden its market reach and tackle existing challenges associated with securing software supply chains effectively.
The investment round was led by DNX Ventures, with participation from existing investors such as Miramar Digital Ventures, Sorenson Capital, Squadra Ventures, and Talons Ventures. This influx of capital increases NetRise's total funding to $24.8 million, reinforcing its mission to address the critical security gaps in identifying and mitigating software supply chain risks.
The NetRise platform is a transformative solution that focuses on creating an accurate software asset inventory, vital for managing organizational risks associated with software. Designed not only for developers but also for those who utilize and maintain various software across devices, this innovative platform generates a comprehensive software bill of materials (SBOM). By analyzing compiled code and firmware, NetRise provides unparalleled insights into software supply chain vulnerabilities.
John Stewart, President of Talons Ventures and a former Chief Security and Trust Officer at Cisco, emphasized the importance of NetRise's approach, stating, "Clarity of purpose, top caliber team, and relentless focused execution carry the day. As reliance on vendors and compiled code increases, cybercriminals are constantly on the lookout for weaknesses. NetRise excels in pinpointing vulnerabilities, particularly within embedded and firmware-based systems."
Today’s world heavily relies on software in countless facets, often unexpectedly. For example, a modern automobile can have about 100 million lines of code, while a Boeing 787 relies on merely 14 million. Connecting vehicles to fleet networks expands the attack surface for organizations. The use of third-party and open-source code further complicates security risks. According to reports, approximately 15% of data breaches observed are attributed to vulnerabilities in the software supply chain, which is a notable increase from previous years.
Despite the common assumption that the software running devices is secure, high-profile breaches have proven this is not always the case. Instances of vulnerabilities in TP-Link routers and unauthorized access points in Juniper routers showcase the pressing need for effective security measures.
Thomas Pace, co-founder and CEO of NetRise, remarked, "Organizations recognize the importance of having an asset inventory, making it critical security control #1. However, few have established a software asset inventory, regarded as critical security control #2. Until now, there was no effective method for organizations to create this inventory from the ground up. Our solution empowers various teams, including those managing third-party risk, incident response, and vulnerability management, to access insightful data that fosters a proactive security strategy."
This recent funding will enable NetRise to refine its security approaches, enhancing proactive monitoring of software components, including firmware, thereby ensuring threats are identified and addressed swiftly.
Key Benefits of NetRise:
- Enhanced Security: Organizations can significantly minimize the risks posed by cyberattacks through early detection and mitigation of vulnerabilities in their software supply chains.
- Improved Compliance: Device manufacturers can foster customer confidence by showcasing compliance with industry regulations, while enterprises receive crucial details on third-party software, including license compliance.
- Increased Operational Efficiency: Customers are provided with visibility into which vulnerabilities are most exploitable, allowing them to prioritize remediation effectively.
Rio Maeda, Managing Partner at DNX Ventures, stated, "NetRise has rapidly become a key player in managing software supply chain risks for both device manufacturers and enterprise organizations. Tackling software supply chain security introduces complex challenges that many organizations face. Until now, the industry lacked a sound solution. Tom and his team are committed to addressing these issues through a concentrated focus on firmware and software components. Our ongoing investment reflects our belief in their innovation and dedication to making firmware analysis automated and scalable for all."
About NetRise
Based in Austin, Texas, NetRise is devoted to safeguarding organizations against cybersecurity risks with its groundbreaking approach to software supply chain security. Unlike traditional methods that analyze source code, NetRise inspects compiled code, creating a precise software asset inventory that highlights risks inherent in the software currently utilized by businesses. This ingenuity enables software creators and device manufacturers to gain a clearer understanding of their software’s composition. Cybersecurity specialists, whether in the enterprise sector or government, can swiftly identify vulnerabilities and other risks, empowering them to act quickly against potential threats. NetRise facilitates rapid vulnerability detection, prioritization, mitigation, and necessary policy updates, thereby minimizing significant business risks.
Media Contact for NetRise:
Danielle Ostrovsky
Hi-Touch PR
410-302-9459
Frequently Asked Questions
What is the purpose of NetRise's recent funding?
The $10 million funding aims to expand NetRise’s market reach and enhance its software supply chain security solutions.
Who are the primary investors in this funding round?
The funding was led by DNX Ventures and included participation from Miramar Digital Ventures, Sorenson Capital, Squadra Ventures, and Talons Ventures.
What does the NetRise platform offer?
The NetRise platform creates a software asset inventory and provides significant insights into vulnerabilities, helping organizations manage their software supply chain risk.
How does NetRise enhance security for organizations?
NetRise enhances security by enabling organizations to proactively identify and mitigate vulnerabilities within their software supply chains.
What are the key benefits highlighted by NetRise?
Key benefits include enhanced security, improved compliance, and increased operational efficiency for organizations leveraging their software supply chain solutions.
