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- Eclypsium
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
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
Website
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2026 | Series C | Peak 6 (lead); Qualcomm Ventures; Sixty Degree Capital; Ten Eleven Ventures; Singtel Innov8; Andreessen Horowitz; Madrona; Pavilion Capital | $25M | - |
| Jan 2025 | Series C | Qualcomm Ventures; Sixty Degree Capital; Ten Eleven Ventures; Singtel Innov8; Andreessen Horowitz; Madrona; Pavilion Capital | $45M | Eclypsium 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 2024 | Series C | Alumni Ventures (lead); Temasek; Ten Eleven Ventures; Andreessen Horowitz; Translink Capital; Madrona; Intel Capital | $35M | Eclypsium 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 2022 | Series B | Ten Eleven Ventures (lead) | $25M | Eclypsium 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 2020 | Series B | Oregon Venture Fund; Mindset Ventures; AV8 Ventures; Ubiquity Ventures; Andreessen Horowitz; Alumni Ventures; Translink Capital; Ridgeline; Madrona; Intel Capital | $13M | - |
| Dec 2018 | Series A | Madrona (lead); Ubiquity Ventures; Andreessen Horowitz; Mango Capital; Intel Capital | $9M | Eclypsium 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 2017 | Seed | Andreessen 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Oct 2017 | ||
| 5 | Lead | Dec 2018 | ||
| 4 | Lead | Oct 2022 | ||
| 4 | Participant | Oct 2017 | ||
| 2 | Participant | Jan 2025 | ||
| 2 | Participant | Jan 2025 | ||
| 2 | Participant | Dec 2018 | ||
| 2 | Participant | Jan 2025 | ||
| 2 | Lead | Oct 2020 | ||
| 2 | Participant | Oct 2020 | ||
| 2 | Participant | Jan 2025 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Oct 2020 | ||
This data is available for Pro users. Sign up to see all 20 Eclypsium investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialEclypsium Competitors
Eclypsium competitors include listed companies like Palo Alto Networks, CrowdStrike, IBM and Fortinet, and private ones like Safe Superintelligence and Cyera.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $11B | $1B | $307B | 25.9x | ||
| Publicly listed | $4.8B | ($12M) | $252B | 44.5x | ||
| Publicly listed | $68B | $17B | $224B | 4.0x | ||
| Publicly listed | $6.8B | $2.3B | $127B | 15.9x | ||
| Private | - | - | $32B | - | ||
| Private | $150M | - | $12B | 80.0x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $11B | $1B | 26.7x | 25.9x | 301.1x | 76.9x | |||
| $4.8B | ($12M) | 51.4x | 44.5x | (19816.2x) | 151.0x | |||
| $68B | $17B | 4.2x | 4.0x | 16.9x | 14.6x | |||
| $6.8B | $2.3B | 18.1x | 15.9x | 53.7x | 41.9x | |||
| $2.2B | ($25M) | 54.6x | 44.3x | (4653.4x) | 185.1x | |||
| $2.9B | $245M | 10.6x | 10.0x | 126.4x | 36.4x | |||
| $3.4B | $42M | 9.1x | 8.9x | 721.8x | 32.5x | |||
| $3.1B | $901M | 7.5x | 6.9x | 25.8x | 18.3x | |||
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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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