Phosphorus raises $38 million

Last month, SYN Ventures and MassMutual Ventures led the Series A round of Phosphorus, an IoT security startup.

Founded in 2017, the Nashville-based startup provides users with a complete inventory of IoT devices throughout their environment, displaying the IP address, manufacture, model, and firmware so they have more transparency over the security posture of IoT devices. The platform enables admins to upgrade the firmware on all IoT devices across the enterprise, ensure that every device is compliant with the company’s security policies, and manage passwords.

“The billions of IoT devices in use today are highly insecure and vulnerable to a wide range of attacks, which expose enterprises to many serious risks, from data breaches to ransomware. We have secured millions of IoT devices in our customer environments, and I remain surprised at how lax these security practices have been, particularly since IoT is becoming a more important attack vector and growing rapidly year over year” – Chris Rouland, founder and CEO of Phosphorus.

“Phosphorus’s unique capabilities for hardening and defending IoT infrastructure are a real game-changer for the cybersecurity industry as until now these solutions have been mostly limited to ‘discovery’ instead of actual remediation and prevention of the risk exposure. With the IoT market expanding rapidly, there is already a tremendous need for rigorous security at the endpoint level, and that need will increase exponentially in the coming years. We see Phosphorus playing a market leading role going forward, as its technology is by far the best solution for preventing these types of risks.” – Jay Leek, managing partner of SYN Ventures.