Saturday, April 13 2024

Binarly Inc., a cybersecurity company building technology to address repeatable security failures in the firmware supply chain, today announced $3.6 million in seed funding from WestWave Capital and Acrobator Ventures. Prominent cybersecurity leaders Michael Sutton, Thomas ‘Halvar Flake’ Dullien, Jamie Butler, Ryan Permeh, Bryson Bort, Pedram Amini, Chris Ueland and David Mandel from Emerging Ventures also joined as investors.

Binarly is co-founded by security pioneers Alex Matrosov and Claudiu Teodorescu, who previously worked on hardware and software security at NVIDIA, Intel Corp., ESET, BlackBerry, Cylance and FireEye. Matrosov, a highly regarded researcher who is regularly credited with major vulnerability discoveries, is co-author of Rootkits and Bootkits, a seminal book that explains how to understand and counter sophisticated, advanced threats buried deep in a machine’s boot process or UEFI firmware.

Binarly has built a SaaS platform for analyzing, understanding and responding to silent, currently undetectable security threats at the firmware layer. Using a combination of machine learning and deep code inspection at the binary level, Binarly enables security teams to have real visibility into hardware and firmware failures and a simple way to recover from sophisticated attacks below the operating system.

Binarly also developed its own technology for vulnerability management and protecting the firmware supply chain from repeatable failures. The company’s approach uses semantic properties of the binary code to improve detection accuracy by limiting the number of false positives.

So far this year, Binarly has coordinated the disclosure of 107 critical firmware security vulnerabilities affecting the entire enterprise device ecosystem. The company worked with security response teams at Insyde, AMI, Lenovo, Dell, HP, HPE, Siemens, Fujitsu, Atos, Intel, AMD and many other vendors to mitigate high-impact security issues across the computing landscape. Many of these vulnerabilities demonstrate the complexities of the firmware supply chain that negatively disrupt the timeline for patch delivery and identification of impacted parties.

“The current approach in the industry is to detect risks related to the firmware by leveraging the current version number of the firmware update against a public database of vulnerabilities and threats. This leads to firmware supply chain failures because known vulnerabilities that are not associated with a certain version number of a firmware release will not be detected thus keeping the ‘doors’ open for an attacker,” Matrosov said.

“Assessing the impact of a known firmware based vulnerability in a customer environment, at scale, is a problem without a viable solution. We have developed the FwHunt technology that adds semantic context around a known vulnerability to ensure detection while reducing false positives,” Teodorescu said.

Binarly plans to use the investment to speed up research and development initiatives, expand its world-class engineering team, and scale enterprise and device manufacturer adoption of its technologies.

Quotes from investors:

“We are excited to invest in founders Alex and Claudiu at Binarly. We have immense respect for their deep technical expertise and understanding of the firmware security market. We recognize that there are significant exposure issues in addressing firmware security vulnerabilities and we have strong conviction that Binarly will mitigate those concerns – both immediate and in the long term.” – Warren “Bunny” Weiss, Managing Partner, WestWave Capital.

“CISOs from critical infrastructure companies, hyperscalers, and cybersecurity experts rate firmware security as a top-three priority. In a world where IoT, edge devices and the mere size of firmware on devices significantly increases, it’s a matter of ‘when’ not ‘if’ new dominant security solutions are adopted. Why Binarly? They’ve got the best-in-class team discovering vulnerabilities no one else has found and managed to surround themselves with incredible experts.” – Mike Reiner, General Partner, Acrobator Ventures.

“It’s no secret that firmware security presents a growing challenge that needs to be solved. For far too long, hardware manufacturers have relied on security through obscurity and we’re now paying the price as attackers identify and exploit flaws that impact thousands of devices across the globe. Blindly trusting hardware manufacturers is a recipe for disaster. The Binarly team has the expertise and vision to finally execute on delivering a scalable solution to get this problem under control.” – Michael Sutton, Managing Partner, Stonemill Ventures.

Alex Matrosov, founder and CEO of Binarly
Previous

Allied Universal Acquires Three Companies

Next

Cyber Deals: HUB Security, Cyberint, MetaCompliance

Check Also

Widget

Don’t Miss

The words Endpoint Detection and Response (EDR) on a green background with lines on the right side of the image

Best Endpoint Detection & Response Platforms

Lara Oporto

Endpoint Detection & Response platforms continuously monitor endpoints for signs of malicious activities, such as unauthorized access or unusual behavior, enabling rapid detection and response to potential cyber threats to safeguard organizational assets. What is Endpoint Detection and Response and how does it work? Endpoint Detection and Response (EDR) is a cornerstone in modern cybersecurity […]

AT&T AlienVault Products Review: OSSIM vs USM

Ellie Buscemi

AlienVault is now the technological basis for AT&T AlienLabs and provides multiple products for different companies’ cybersecurity needs. What AT&T AlienVault Products are Available? In December 2021, CISOstack reported that AT&T intended to acquire AlienVault to expand its cybersecurity offerings to more businesses. Two years later, AlienVault-based offerings make up a large portion of AT&T’s […]

Photo by Simon Kadula on Unsplash.

Navigating Manufacturing IIoT Cybersecurity Challenges

John Powers

Guarding the Gears: Government policy and industry collaboration to mitigate cyberthreats to manufacturers. The smart factory is on the rise. Production lines equipped with advanced sensors can monitor equipment health in real-time and predict potential issues before they disrupt operations. Temperature and humidity sensors can ensure the optimal environment for delicate manufacturing processes. RFID-enabled asset […]

Best Microsegmentation Software

Ellie Buscemi

Microsegmentation allows a company to divide digital assets into smaller, more secure groups, which makes it harder for cybercriminals to take over a company’s data center. What is Microsegmentation? Microsegmentation refers to cyber professionals building layers of cybersecurity protection between groups of digital assets or individual cyber assets. Adding these layers inside instead of only […]

Best Breach and Attack Simulation Platforms

Ellie Buscemi

Breach and attack simulation (BAS) platforms allow companies to see weaknesses in their cyber infrastructures before a malicious hacker can exploit them. What Is BAS – Breach and Attack Simulation? Breach and attack simulation (BAS) is an approach to cybersecurity that uses advanced tools to imitate the attacks used by cybercriminals on companies’ digital infrastructure. […]

Ofer Ben-Noon and Ohad Bobrov

Palo Alto Networks to Acquire Talon

Ellie Buscemi

On Monday, Palo Alto Networks agreed to acquire Israeli startup Talon Cyber Security, an enterprise browser platform. The deal values Talon at between $600 to $700 million, according to The Information. Palo Alto will integrate Talon’s enterprise browser solution into its Prisma SASE product. The acquisition comes among a wave of acquisitions and releases involving […]