SaaS startup aDolus Technology raised $3 million CAD ($2.5 million USD) in what the company classified as an oversubscribed funding round. The investors that participated in this round have not been disclosed.
Launched in 2017, the Victoria-based company offers an AI-powered software that automates the processes involved in vetting third-party software. aDolus’ main offering, the Framework for Analysis and Coordinated Trust (FACT) platform, aggregates data and analytics from software supply chains and generates a “trust score.”
The global supply chain security market size is forecasted to grow from $903 million USD in 2021 to $1.2 billion by 2026
With the FACT platform, aDolus claims, operators are given the assurance that software packages and all of its subcomponents are legitimate, tamper-free, and safe to install.
According to aDolus, the funding will be used to fuel its marketing strategy, just in time to meet the growing demand for supply chain security solutions.
Previous investment rounds have funded the company’s research and development efforts to enhance machine learning capabilities and to address the complexities and the volume of vulnerability-related analysis. In August 2020, the company raised $600,000 in seed funding from investors Ray Muzyka, Kurt Whipp, Colin Harris, Amit Mital, and the Creative Destruction Lab.
To begin its aggressive push in marketing, aDolus also recently hired Jeff Rosen as vice president of sales. The company stated that Rosen brings in decades of enterprise software experience, and is responsible for building out the aDolus sales organization in North America.
Ron Brash, who has served Deloitte as its manager in risk advisory and cybersecurity, was also appointed as aDolus’ vice president of technical research and integrations. With his new position, Brash will be the driving force behind the company’s strategic partnerships and support product development.
“The timing is ideal; the aDolus technology is mature, we’re working with major automation companies, and supply chain security has become front-page news,” said Rod Campbell, CEO of aDolus. “Expect to see a major investment in our sales and marketing efforts to promote our FACT platform.”
The global supply chain security market size is forecasted to grow from $903 million USD in 2021 to $1.2 billion by 2026 with a compound annual growth rate of 6.3 percent, according to a report by Research and Markets.
One of the market’s main drivers includes the increase in ransomware and supply chain attacks during the pandemic. The European Union Cybersecurity Agency (ENISA) reported that supply chain attacks may increase by four-fold in the remainder of the year.
ENISA’s researchers found that older frameworks used to defend against supply chain attacks no longer provide adequate security. Organizations must find new means of securing against supply chain threats and keep their systems up-to-date.
