Software Supply Chain Security Leader Binarly Closes $10.5 Million Financing Led by Two Bear Capital



Two Bear Capital invests in founders with breakthrough ideas so it is no surprise they saw something new and exciting with Alex Matrosov, CEO & Founder of Binarly - one of Two Bear Capital's newest portfolio companies. In this video, Mike Goguen, Founder and Managing Partner and Cris Neckar, Venture Partner describe why Two Bear Capital led Binarly's $10.5M seed round and how the investment will catalyze Binarly's cutting edge approach to modern software supply chain security.

LOS ANGELES--()--Binarly, provider of an industry leading AI-powered firmware and software supply chain security platform, today announced the closing of a $10.5 million seed funding round.

The oversubscribed round was led by Two Bear Capital, with participation from Blu Ventures, Canaan Partners, Cisco Investments, and Liquid 2 Ventures. Pre-seed investors Westwave Capital and Acrobator Ventures also expanded their equity positions.

The company’s flagship product – the Binarly Transparency Platform – is an enterprise-class, AI-powered solution addressing firmware and software supply chain security problems by identifying known and unknown vulnerabilities and providing evidence of malicious code implants.

Binarly has established itself as a well-respected company in the vulnerability research arena, reporting and fixing hundreds of serious software defects, including the critical LogoFAIL issue that exposed billions of devices worldwide.

A cloud-agnostic solution, the Binarly Transparency Platform provides proven remediation playbooks and gives enterprise security teams actionable insights to reduce the cost and time to respond to security incidents in software and device firmware.

“The tools and resources available today don’t effectively address the evolving threats in our modern software supply chain,” said Binarly CEO, Alex Matrosov. “We built the Binarly Transparency Platform to address that industry gap and provide verifiability and inspectability at every corner of the software and firmware supply chains. The caliber of investors in our seed round is a loud signal that we’re progressing toward that vision.”

“Two Bear Capital is proud to be leading the seed funding round for Binarly. Under the leadership of Alex Matrosov, Binarly has the vision and skill needed to secure the software supply chain at scale. Their innovation, agility, and commitment to resolving problems have already proved to be game-changing in the industry. We look forward to partnering with the team at Binarly to realize this company’s full potential,” said Cris Neckar, Venture Partner, Two Bear Capital.

“Securing firmware has never been as crucial as it is today,” said Janey Hoe, Vice President, Cisco Investments. “Cyber-attacks on firmware are increasing exponentially due to inadequate security controls at the firmware layer. Binarly offers a unique solution to detect both known and unknown firmware threats and vulnerabilities, providing a new layer of security beneath our operating systems. We’re excited to invest in Binarly to see how solutions like this evolve to offer a more complete cybersecurity posture.”

“Binarly’s technology platform stands out for its ability to address firmware and software supply chain issues at scale, a critical concern for businesses worldwide. The platform's capabilities in detecting and mitigating vulnerabilities within the supply chain are unparalleled, offering a proactive approach to cybersecurity. As digital threats become more sophisticated, Binarly's solution represents a promising avenue for safeguarding digital infrastructure, making it an exciting investment opportunity for us as we look to stay ahead in the cybersecurity space,” said Steven Chen, Partner at Blu Venture Investors.

Binarly will use the investment to further expand its world-class engineering team, and scale enterprise and device manufacturer adoption of its technologies. To learn more, visit

About Binarly

Binarly is a global firmware and software supply chain security company founded in 2021. The company’s flagship Binarly Transparency Platform is an enterprise-class, AI-powered solution used by device manufacturers, OEMs, IBVs and product security teams to identify known and unknown vulnerabilities, misconfigurations and signs of malicious code implantation. Binarly’s validated remediation playbooks have significantly reduced the cost and time to respond to security exposures. Based in Los Angeles, California, Binarly brings decades of research and program analysis expertise to build solutions to protect businesses, critical infrastructure, and consumers around the world.


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