#USA #Austin #Supply Chain #NetRise #software security

NetRise Secures $10 Million Series A Funding

In a significant move to enhance software supply chain security, NetRise has announced the successful closure of a $10 million Series A funding round. This financing, led by DNX Ventures, also included participation from notable investors such as Miramar Digital Ventures, Sorenson Capital, Squadra Ventures, and Talons Ventures. With this infusion of capital, NetRise’s total funding now stands at $24.8 million, reinforcing its mission to address the pressing security gaps in identifying and responding to software supply chain risks.

Revolutionizing Software Asset Inventories

The cornerstone of NetRise's offering lies in its innovative platform, which is designed to facilitate organizations in creating and maintaining a comprehensive software asset inventory. This is increasingly critical as businesses seek to manage vulnerabilities associated with the software they build, buy, or utilize across various devices. The platform produces a detailed Software Bill of Materials (SBOM), providing unprecedented visibility into risks associated with software supply chains by analyzing compiled code and firmware.

As individuals and enterprises become increasingly dependent on sophisticated software solutions, the importance of a robust security framework has never been more vital. According to John Stewart, the President of Talons Ventures and a former Chief Security and Trust Officer at Cisco, the growing reliance on third-party vendors and software libraries has intensified the threat landscape, emphasizing the necessity for solutions like NetRise that can pinpoint weaknesses in compiled code.

The reliance on software can be illustrated by the fact that a modern car operates on approximately 100 million lines of code. Such complexity exposes organizations to a greater attack surface, particularly when considering the vulnerabilities that can emerge from open-source and third-party code. The latest 2024 Data Breach Investigation Report by Verizon revealed a worrying trend: exploitation of software supply chain vulnerabilities accounted for a substantial share of breaches, with incidents rising from 9% to 15% year-over-year.

Targeting Software Supply Chain Risks

Given the myriad of security breaches involving software supply chains, including notable incidents linked to TP-Link and Juniper routers, the need for a dedicated focus in this area is clear. Thomas Pace, the co-founder and CEO of NetRise, articulates the importance of asset inventories, stating, "Every organization understands the value of an asset inventory, yet no one has a comprehensive software asset inventory, despite it being a crucial security control. The provision of a systematic approach to building this inventory from the ground up has finally arrived with our solution."

With this latest funding, NetRise will significantly ramp up its efforts to provide organizations with tools to enhance their security methodologies for better visibility and protection. This is achieved through continuous monitoring of software components, including firmware, aimed at recognizing and addressing potential threats.

Key Benefits of the NetRise Platform

1. Enhanced Security: By actively identifying and mitigating vulnerabilities within software supply chains, organizations can significantly lower their exposure to cyber risks.
2. Improved Compliance: Device manufacturers can bolster customer trust through compliance with industry regulations, while businesses can gain crucial insights into third-party software usage, including license compliance.
3. Increased Operational Efficiency: Clients benefit from insights regarding which vulnerabilities pose the greatest risk, allowing for prioritized remediation efforts.

Rio Maeda, Managing Partner at DNX Ventures, reiterated the industry-wide challenges related to software supply chain security and commended NetRise’s innovative approach. He expressed confidence in the company's ability to tackle these issues, particularly focusing on firmware and software components, as they continue to develop their automated, scalable firmware analysis solutions.

Conclusion

As organizations increasingly confront the complexities of software supply chain security, NetRise emerges as a leader in this vital domain. The investment secured through this round allows the company to extend its reach and impact, providing businesses with the necessary tools to fortify their defenses against software-related vulnerabilities. For more information on NetRise and their revolutionary approach to software security, visit NetRise.