Victoria, British Columbia, Canada
aDolus is a SaaS company focused on software supply chain security for critical infrastructure, helping industrial operators identify and trace the origins of software components across second-, third-, fourth-, and fifth-party vendors. The company was founded in 2017 and launched its product in 2019, with early operations funded by approximately $800,000 in U.S. Department of Homeland Security Silicon Valley Initiative Program research grants.
As of September 2021, aDolus reported annual recurring revenue of just under $600,000, up from near zero a year prior, with three paying customers including Honeywell and Caterpillar, and six large pilots in progress. The company had raised a total of approximately $1,200,000 across two SAFE seed rounds, the first in 2019 at a $3,000,000 valuation and the second in 2020 at a $4,000,000 valuation, and was planning a third seed round of $1,500,000 at a valuation between $10,000,000 and $15,000,000.
Eric Byres, CTO and board member, serves as the technical founder and holds between 50% and 80% equity in the company. A separate CEO, recruited through a board referral, leads commercial operations and fundraising strategy. The team stood at approximately 20 people in September 2021, with plans to reach 25 by year end.