Eclypsium, an Oregon startup focused on firmware and device security, on Tuesday announced it has raised $45 million in a Series C funding round. 

The company said the new investment included both equity and debt from new investors Qualcomm Ventures, Pavilion Capital, Singtel Innov8, and Sixty Degree Capital.  Existing backers Ten Eleven Ventures, Andreessen Horowitz, and Madrona also joined the round. 

The latest round brings the total raised by Eclypsium to $85 million and provides capital to fuel expansion efforts, specifically in markets dealing with AI compute hardware and other connected devices, the company said in a statement. 

Eclypsium plans to use the fresh funding to broaden its reach in North America, APAC, and emerging regions often targeted by state-sponsored and ransomware groups. The company also plans to put resources toward advancing its supply chain research lab, offering expanded device security testing and certification.

The Portland company cited a recent rise in cybercrime stemming from geopolitical ‘hot spots’ that has led to a heightened awareness of security breaches targeting devices  – down to the component level – in every organization’s supply chain. 

As enterprises and national infrastructure increase their reliance on AI compute hardware and AI-enabled devices, which Gartner estimates will grow to $500 billion in spend on AI servers by 2025, Eclypsium argues that securing the supply chain is becoming more critical than ever.

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