NetRise Announces $8 Million in Funding to Advance XIoT Security Technology

Heather Strelczyk
Squadra Ventures
Published in
3 min readApr 25, 2023



April 25, 2023

AUSTIN, Texas — NetRise, the company providing visibility into the world’s XIoT security problem, announced today $8M in funding. The round was led by Squadra Ventures, with participation by existing major investors Miramar Digital Ventures, Sorenson Ventures and DNX Ventures.

Adam Bixler, Thomas Pace, Guy Filippelli, and Derek McCarthy at the Piper Sandler Cyber CEO Summit at the RSA Conference in San Francisco

NetRise has developed a cloud-based SaaS platform that analyzes and continuously monitors the firmware of Extended Internet of Things (XIoT) devices. Leading the market as a software supply chain detection & response platform, NetRise enables device manufacturers and enterprise customers to detect, respond to, and prevent threats throughout their supply chains.This funding will allow NetRise to expand its platform capabilities such as coverage for Windows systems and containers as well as development of additional machine learning models for advanced analysis.

As threats and vulnerabilities rise across the enterprise, commercial and consumer devices that are connected to the internet and each other are a critical blind spot for security operations and vulnerability management teams. The firmware that powers these devices and allows them to connect to larger systems is critical for integrated functionality but creates a major vulnerability and neglected attack surface.

“Firmware security is not a problem that is relegated to a particular vertical or industry. We have built our platform in such a way that support for automotive, networking equipment, consumer IoT, industrial control systems, and medical device firmware alike are all supported.” said Tom Pace, co-founder and CEO of NetRise. “While working at the Department of Energy, I saw firsthand how little insight we had into the vulnerabilities and risks embedded in technology critical to every aspect of our daily lives. Our vision is that every technology user understands the ingredients in their tools and the potential implications of those components, no matter the source.”

By adding these additional capabilities, NetRise will continue to help both enterprise and device manufacturer customers to understand what’s inside not only their devices, but their entire software supply chain to identify potential risks and vulnerabilities. The NetRise platform enables continuous monitoring and analysis, compliance assessment and recommendations, real-time-risk tracking, and the generation, storage and management of Software Bills of Materials (SBOMs). NetRise reduces the time and cost of firmware and software supply chain security programs, allowing organizations to quickly find and remediate previously undetected issues.

“The NetRise platform delivers unprecedented automation and scale, making continuous monitoring a reality for enterprise XIoT,” said Adam Bixler, Cybersecurity Principal for Squadra Ventures. “We are seeing massive global acceleration in the market as companies around the world are looking to drive visibility into the software supply chain. With SBOM regulation and requirements looming, NetRise could not be more perfectly positioned.”

“Tom and his team are experienced, gritty, driven, and will outwork anyone in the room,” said Guy Filippelli, Managing Partner at Squadra Ventures. “They are world-class and will continue to innovate ahead of the market and bring critical technology to the industry just in time, as the White House and other regulatory agencies pressure manufacturers and software providers to infuse security into devices and disclose critical vulnerabilities.”

About Squadra Ventures
Squadra Ventures is a venture capital firm led by founder-operators that invests in early stage cyber and national security companies. Grounded in the belief that success is a combination of people, product, and planning, the Squadra team provides transformational support to startup leaders in the complex dual-use technology ecosystem. By applying a growth-stage mindset at the seed stage and a commitment to building alongside entrepreneurs, Squadra empowers extraordinary teams to win and leave a lasting positive impact on the world.

About NetRise
Based in Austin, Texas, NetRise was built by defensive cyber experts bred across the private sector, intelligence community and U.S. federal government to solve the firmware security problem. The company is currently partnering with companies across manufacturing, automotive, medical devices, industrial control systems, satellites and many more.