Estonia-based Binalyze, a cybersecurity startup developing digital forensic tools for enterprises to better understand cyber breaches and respond effectively, raised USD 10 million on 4th February 2022.
Investors: The investment round was led by European venture capital firm OpenOcean and Earlybird Digital East, which led Binalyze’s seed funding last year.
Purpose of funding: The startup will focus on developing next-generation Enterprise Forensic solutions using the funding. The startup will enter key global markets, including the United States, Europe, and Asia, as part of its global expansion. Additionally, the company plans to connect with Managed Service Providers (MSPs) and Incident Response partners to mount a near-real-time forensic response to cybersecurity attacks.
Founded in 2018 by Emre Tinaztepe, Binalyze is located in Tallinn, Estonia. Binalyze is a cybersecurity startup that develops digital forensic tools for enterprises to understand cyber breaches better and respond effectively. Using its platform, businesses can now visualize real-time forensics within the core security stack, redefining how forensics can be used in practical applications. Consequently, minimizing the extent of a breach and speeding up root cause analysis will ensure it doesn’t happen again. In addition to international brands, the startup has served 500 companies, including global banks, auditing companies, airlines, and telecommunications. The startup helps customers reduce the costs associated with cybersecurity and defend against financial associated with cyber-attacks.
What the founder has to say
“100% breach prevention is no longer a realistic expectation. Forensic visibility is an integral part of an investigation. Enterprises need to be prepared with the right tools to mount an effective and quick response once a suspected breach is detected,” said Emre Tinaztepe, Founder and CEO at Binalyze.
“Speed is of the essence. Cybercriminals work quickly once they gain access to a corporate network. Binalyze is designed to be fast, capturing the most comprehensive forensic snapshot and creating a detailed digital forensics report in less than 10 minutes. It dramatically speeds up all stages of incident response, from identification to remediation.”
What the investor has to say
“Traditional digital forensics solutions are lacking the much-needed automation and cloud capabilities. Binalyze solves the industry’s pain points by increasing the agility of security teams in responding to cyber incidents with greater speed and accuracy,” said Mehmet Atici, Partner at Earlybird Digital East.
“We are confident that Binalyze is on its way to becoming a leader in Enterprise Forensics, and we are very excited to continue supporting them in this journey since pre-seed.”
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