Eclypsium Funding, Investors & Competitors

Eclypsium has raised $154M across 7 funding rounds, most recently a $25M Series C in March 2026.

Last Eclypsium funding round

$25M

Series C · Mar 2026

Cumulative funding Eclypsium raised

$154M

across 7 funding rounds

Key investors in Eclypsium

  • Andreessen Horowitz
  • Madrona
  • Intel Capital
  • Ten Eleven Ventures
  • Alumni Ventures
  • Qualcomm Ventures
  • Singtel Innov8
  • Translink Capital

Eclypsium Overview

About Eclypsium

Eclypsium is a Portland, Oregon-based infrastructure supply chain security company founded in 2017 by former Intel security engineers. It secures hardware, firmware, and software for Fortune 500 companies and government agencies, using machine-learning-based threat detection and binary analysis to protect against previously unknown threats, vulnerabilities, and misconfigurations. Its core offering verifies that firmware has not been compromised and is properly configured, and the company is led by CEO and co-founder Yuriy Bulygin and CTO Alex Bazhaniuk.


Founded

2017

HQ

United StatesUnited States

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Subscription

Eclypsium Funding History

Eclypsium has raised a total of $154M across 7 funding rounds.

Eclypsium's first fundraising round was a $2M seed round in October 2017. The most recent completed round was a $25M Series C in March 2026.

Eclypsium funding rounds

Eclypsium funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2026Series CPeak 6 (lead); Qualcomm Ventures; Sixty Degree Capital; Ten Eleven Ventures; Singtel Innov8; Andreessen Horowitz; Madrona; Pavilion Capital$25M-
Jan 2025Series CQualcomm Ventures; Sixty Degree Capital; Ten Eleven Ventures; Singtel Innov8; Andreessen Horowitz; Madrona; Pavilion Capital$45MEclypsium is a Portland, Oregon-based infrastructure supply chain security company founded in 2017 by former Intel security engineers. The company specializes in securing hardware, firmware, and software for Fortune 500 companies and government agencies, using machine learning-based threat detection and binary analysis to protect against previously unknown threats, vulnerabilities, and misconfigurations. Eclypsium is led by CEO and Co-Founder Yuriy Bulygin and CTO Alex Bazhaniuk. On January 28, 2025, Eclypsium announced a Series C funding round raising $45 million through a combination of equity and debt. The round was oversubscribed and included new investors Qualcomm Ventures, Pavilion Capital, Singtel Innov8, and Sixty Degree Capital, joined by prior lead investors Ten Eleven Ventures, Andreessen Horowitz, and Madrona. This brought the company's total equity funding to $85 million. The company had previously raised $25 million in 2022. Eclypsium has achieved significant traction and grown to 87 employees as of the funding announcement. The company reported quadrupling its annual recurring revenue since the 2022 funding round, though specific revenue figures were not disclosed. The company plans to use the new funding to scale operations in critical generative AI hardware and smart connected devices, expand its presence in North America and the APAC region, support emerging markets targeted by nation-state and ransomware threat actors, and enhance its supply chain research lab for device security assurance and certification services. The funding comes at a time of heightened focus on supply chain security, with the Cybersecurity and Infrastructure Security Agency urging organizations to address critical vulnerabilities exploited by nation-state threat actors like Salt Typhoon and Volt Typhoon. Gartner estimates AI server spending will reach $500 billion by 2025, making the security of AI compute hardware increasingly critical for enterprises and national infrastructure.
Sep 2024Series CAlumni Ventures (lead); Temasek; Ten Eleven Ventures; Andreessen Horowitz; Translink Capital; Madrona; Intel Capital$35MEclypsium is a Portland, Oregon-based cybersecurity startup founded in 2017 by former Intel security engineers. The company protects organizations' computing infrastructure from the foundation upward, focusing on securing hardware, firmware, and software for Fortune 500 companies and government agencies. Its CEO is Yuriy Bulygin and CTO is Alex Bazhaniuk. In September 2024, Eclypsium raised $19.7 million in a Series B round from investors including J-Ventures, Alumni Ventures Group, Intel Capital, and Ubiquity Ventures. The company has raised total funding of approximately $86-96 million across all rounds to date. Eclypsium's core offering provides verification that firmware has not been compromised and is properly configured and free of vulnerabilities, along with machine learning-based threat detection using binary analysis to protect against previously unknown threats. The company has experienced strong traction, quadrupling its annual recurring revenue between 2022 and the time of the Series B round in 2024, and employed 87 people at the time of its Series C funding later in 2025. The startup is ranked No. 143 on GeekWire's 200 list of top Pacific Northwest tech startups and operates as a subscription business with a freemium option. Eclypsium benefits from tailwinds including increasing cybercrime threats and enterprise migration of workloads to cloud and AI infrastructure.
Oct 2022Series BTen Eleven Ventures (lead)$25MEclypsium develops a cloud-based platform for securing device firmware, hardware, and software supply chains, targeting enterprise and public sector customers including Fortune 2000 firms and U.S. federal government contracts. The company, founded in 2017 by former Intel security engineers, addresses risks in complex global supply chains exacerbated by third-party components and increasing cyber threats. In 2022, Eclypsium raised a $25 million Series B round led by Ten Eleven Ventures, with participation from Global Brain’s KDDI Open Innovation Fund, J Ventures, Andreessen Horowitz, Madrona Venture Group, and others, bringing total funding to $50 million at that time. The Series B funding was announced around October 4, 2022, to expand product capabilities, accelerate sales to enterprise and federal customers, and grow headcount from about 80 to over 100 employees by year-end. While specific valuation and revenue figures were not disclosed, the company reported significant traction since its Series A: 35x growth in annual recurring revenue, 13x customer base expansion, and 5x headcount increase. CEO Yuriy Bulygin highlighted macro trends like supply chain complexity driving demand for their solution. Post-Series B, Eclypsium continued growth, raising a $45 million Series C in 2024-2025 combining equity and debt from investors including Qualcomm Ventures, Pavilion Capital, Singtel Innov8, Andreessen Horowitz, Ten Eleven Ventures, and Madrona, reaching total equity funding of $85 million. By 2025, the company had quadrupled ARR since the 2022 round, employed 87 people, and focused on GenAI infrastructure, edge devices, cloud providers, and regions like North America, APAC, and emerging markets targeted by nation-state actors. No competitive analysis or valuation multiples were detailed in sources for the 2022 round.
Oct 2020Series BOregon Venture Fund; Mindset Ventures; AV8 Ventures; Ubiquity Ventures; Andreessen Horowitz; Alumni Ventures; Translink Capital; Ridgeline; Madrona; Intel Capital$13M-
Dec 2018Series AMadrona (lead); Ubiquity Ventures; Andreessen Horowitz; Mango Capital; Intel Capital$9MEclypsium raised $8.75 million in Series A funding in December 2018 led by Madrona Venture Group, with participation from returning investors Andreessen Horowitz, Intel Capital, and Ubiquity Ventures. The Portland-area hardware security startup focuses on detecting, analyzing, and preventing security threats at the firmware level for cloud infrastructure providers, financial services firms, and government organizations. Co-founders Yuriy Bulygin (CEO) and Alex Bazhaniuk (CTO) developed security services designed to analyze firmware-level traffic on hardware within company networks to identify anomalies and compromised firmware that could pose security risks. At the time of the Series A round, Eclypsium had approximately 25 employees and planned to expand to 40 by the end of 2019. The company served customers in the infrastructure-as-a-service market, financial services industry, and government sector.
Oct 2017SeedAndreessen Horowitz (lead); 408 Ventures; Aviram Jenik; Intel Capital$2M-

Who has invested in Eclypsium?

20 investors have backed Eclypsium across its funding rounds, including Andreessen Horowitz, Madrona, Intel Capital, Ten Eleven Ventures, Alumni Ventures and Qualcomm Ventures.

Lead investors include Peak 6, Alumni Ventures, Ten Eleven Ventures, Madrona and Andreessen Horowitz.


Eclypsium Investors

Investors in Eclypsium by funding rounds participated
InvestorHQRoundsRoleFirst check
Andreessen HorowitzUnited StatesSan Francisco, CA6LeadOct 2017
MadronaUnited StatesSeattle, WA5LeadDec 2018
Ten Eleven VenturesUnited StatesSan Francisco, CA4LeadOct 2022
Intel CapitalUnited StatesSanta Clara, CA4ParticipantOct 2017
Qualcomm VenturesUnited StatesSan Diego, CA2ParticipantJan 2025
Sixty Degree CapitalCanadaToronto2ParticipantJan 2025
Ubiquity VenturesUnited StatesSan Francisco, CA2ParticipantDec 2018
Singtel Innov8SingaporeSingapore2ParticipantJan 2025
Alumni VenturesUnited StatesUnited States2LeadOct 2020
Translink CapitalUnited StatesSan Francisco, CA2ParticipantOct 2020
Pavilion CapitalSingaporeSingapore2ParticipantJan 2025
TemasekSingaporeSingapore1ParticipantSep 2024
Oregon Venture FundUnited StatesPortland, OR1ParticipantOct 2020

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Eclypsium Competitors

Eclypsium competitors include listed companies like Palo Alto Networks, CrowdStrike, IBM and Fortinet, and private ones like Safe Superintelligence and Cyera.

Public and private companies comparable to Eclypsium
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Palo Alto NetworksUnited StatesUnited StatesPublicly listed$11B$1B$307B25.9x
CrowdStrikeUnited StatesUnited StatesPublicly listed$4.8B($12M)$252B44.5x
IBMUnited StatesUnited StatesPublicly listed$68B$17B$224B4.0x
FortinetUnited StatesUnited StatesPublicly listed$6.8B$2.3B$127B15.9x
Safe SuperintelligenceUnited StatesSan Francisco, CAPrivate--$32B-
CyeraUnited StatesNew York City, NYPrivate$150M-$12B80.0x

Eclypsium Public Comps

Eclypsium is still privately-owned, but its public comps include Palo Alto Networks, CrowdStrike, IBM, Fortinet, Cloudflare, Okta, Zscaler, F5, Rubrik and Gen Digital.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Palo Alto Networks$11B$1B26.7x25.9x301.1x76.9x
CrowdStrike$4.8B($12M)51.4x44.5x(19816.2x)151.0x
IBM$68B$17B4.2x4.0x16.9x14.6x
Fortinet$6.8B$2.3B18.1x15.9x53.7x41.9x
Cloudflare$2.2B($25M)54.6x44.3x(4653.4x)185.1x
Okta$2.9B$245M10.6x10.0x126.4x36.4x
Zscaler$3.4B$42M9.1x8.9x721.8x32.5x
F5$3.1B$901M7.5x6.9x25.8x18.3x

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Common questions about Eclypsium

When was Eclypsium founded?Eclypsium was founded in 2017.
Where is Eclypsium headquartered?Eclypsium is headquartered in United States.
Is Eclypsium publicly listed?No, Eclypsium is a private, VC-backed company.
How much funding has Eclypsium raised?Eclypsium has raised $154M across 7 funding rounds.
What was Eclypsium's last funding round?Eclypsium's last funding round was a $25M Series C in March 2026, led by Peak 6.
Who are Eclypsium's investors?Eclypsium's investors include Andreessen Horowitz, Madrona, Ten Eleven Ventures, Intel Capital, Qualcomm Ventures, Sixty Degree Capital, Ubiquity Ventures, Singtel Innov8, Alumni Ventures, Translink Capital and 10 others.
Which companies are comparable to Eclypsium?Companies comparable to Eclypsium include Palo Alto Networks, CrowdStrike, IBM, Fortinet, Safe Superintelligence and Cyera.

See companies similar to Eclypsium

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