Binarly Raises $3.6M in Seed Funding to Support R&D and Scaling

Firmware security company Binarly, Inc. on Wednesday announced that it has raised $3.6 million in a seed funding round.Several angel investors took part in the seed round, led by Westwave Capital and Acrobator Ventures. 

The funding will aid in speeding up R&D initiatives, expanding their engineering team, and scaling the adoption of their technologies.

Binarly has developed a SaaS platform designed for firmware threat identification and response. This AI-powered firmware protection platform performs in-depth introspection through a combination of machine learning and code analysis techniques. These techniques are proprietary technologies developed by the company. With this technology, security teams can identify vulnerabilities and malicious firmware modifications. 

“The current approach in the industry is to detect risks related to the firmware by leveraging the current version number of the firmware update against a public database of vulnerabilities and threats. This leads to firmware supply chain failures because known vulnerabilities that are not associated with a certain version number of a firmware release will not be detected, thus keeping the ‘doors’ open for an attacker,” said Alex Matrosov, co-founder and CEO of Binarly.

Binarly has identified firmware vulnerabilities in products from major manufacturers such as AMI, AMD, Dell, Fujitsu, HP, Insyde, Intel and Lenovo. The startup claims to have identified more than 100 new flaws this year alone.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at or contact your usual Swanson Reed representative.

Recent Posts