Xeol, a New York City-based cybersecurity company has successfully raised $3.2 million in a Seed funding round led by Shield Capital, with participation from Y Combinator and 468 Capital. Xeol focuses on addressing the increasing threat landscape related to cyber attacks on private enterprises’ software supply chains, which has multiplied sevenfold in the past three years.
The company aims to secure software throughout its lifecycle, starting from the code repository to the delivery of software to customers. Xeol places emphasis on managing end-of-life software, particularly when publishers no longer provide security patches, leaving systems vulnerable to exploitation. With the increasing use of open-source software and widening attack surfaces, securing software supply chains has become a critical concern.
Xeol’s approach involves implementing foundational standards like Software Bill of Materials (SBOM) and Supply-chain Levels for Software Artifacts (SLSA), which have gained traction. These standards enable Xeol to conduct more accurate assessments of supply chain risks, especially concerning outdated software.
The company’s platform helps identify and manage end-of-life software components, reducing exposure to potential risks. Xeol has already signed its first Fortune 500 customer within four months of its launch, demonstrating the urgency and demand for solutions addressing software supply chain security.
ShiHan Wan, CEO of Xeol, commented on the importance of tackling the software supply chain problem, stating, “Now is the right time to come out of stealth mode to tackle the software supply chain problem with foundational standards like Software Bill of Materials (SBOM) and Supply-chain Levels for Software Artifacts (SLSA) gaining traction.”
The funding round will enable Xeol to further develop and enhance its platform, addressing the critical need for securing software supply chains against evolving cyber threats.