BINARLY

Company Overview

Binarly is a cybersecurity company focused on firmware and software supply chain security. Founded in 2021, Binarly is based in Los Angeles, California. The company has developed an AI-powered platform for detecting vulnerabilities and security issues in firmware and software components.

Products Overview

Binarly’s main product is the Binarly Transparency Platform, an automated AI/ML supply chain security platform to identify vulnerabilities in firmware and software components. Key capabilities include:

• Binary risk intelligence to detect known and unknown vulnerabilities
• Software supply chain management including SBOM creation and validation
• Vulnerability management across firmware and software
• Automated binary analysis without needing source code
• Detection of malicious code, insecure coding practices, and build-time mitigations
• Continuous assessment and compliance monitoring
• Support for UEFI, BMC, IoT, and container firmware/software

The platform is offered in different tiers (Free, Basic, Professional, Advanced) with increasing capabilities.

Founding Team

The CEO and founder of Binarly is Alex Matrosov. He has a background in firmware and software security research.

Problem and Market Fit

Binarly aims to solve the problem of vulnerabilities and security issues in firmware and software supply chains that traditional methods struggle to detect. With the increasing complexity of software supply chains and prevalence of attacks targeting firmware, there is a growing need for more advanced detection and analysis capabilities.

Business Model

Binarly offers its platform as a SaaS product with different pricing tiers based on capabilities. They likely charge enterprise customers on a subscription basis.

Funding and Runway

Binarly has raised the following funding rounds:

• $3.6 million seed round in June 2022 from Westwave Capital and Acrobator Ventures
• $10.5 million seed round in March 2024 led by Two Bear Capital

Total known funding to date is $14.1 million.

Competitive Landscape

Binarly competes with other firmware and software supply chain security companies. Some potential competitors include:

• Finite State
• Eclypsium
• Red Balloon Security
• Armis

However, Binarly claims its AI/ML approach and focus on binary analysis provides unique capabilities compared to competitors.

Customers

No specific customers are named, but Binarly targets enterprise customers across industries that rely on firmware and complex software supply chains.

Relevant News

• March 2024: Raised $10.5 million seed round
• April 2024: Launched version 2.0 of Binarly Transparency Platform
• December 2023: Discovered “LogoFAIL” vulnerabilities affecting millions of devices
• June 2023: Selected for Google for Startups Accelerator program

Binarly has also disclosed numerous firmware vulnerabilities affecting major vendors like Intel, AMD, HP, Lenovo and others over the past few years, establishing their research credentials in the firmware security space.