Lithuania-based cybersecurity startup Cyber Upgrade raised EUR 650k in pre-seed funding. The company announced the investment on February 12, 2024. Venture capital firms such as FIRSTPICK and NGL Ventures provided the investment. Meanwhile, other business angels also joined in the financing.
Purpose of Financing for Cyber Upgrade
The latest proceeds from the pre-seed funding enable Cyber Upgrade to accelerate its development speed. It also aims to enhance its market visibility. Meanwhile, the company seeks to refine its products further to ensure alignment with market needs.
Currently, the company focuses on future-proofing its solution, further developing its AI chatbot. It also looks forward to improving the platform’s dashboard to provide an easily manageable overview of all events.
The recent financing implies a milestone towards the company’s mission to provide inclusive as well as accessible cybersecurity for small and medium-sized enterprises (SMEs) and fintechs.
What the company’s official has to add
Aurimus Bakas, CEO Of the company, said, “This investment opens exciting growth opportunities, allowing us to develop the latest technologies into next-generation operational-level defenses against emerging cybersecurity threats. In ten years of building critical banking infrastructures at Paysolut, we learned a great deal about securing and strengthening banking systems against cyber attacks. We are now in a position to combine our years of experience with all the latest AI-driven solutions to make Cyber Upgrade the first line of defence in cybersecurity.”
Bakas further added, “You can build great cyber defence lines, but if your team is not on board, then willingly or unwillingly, there will be a weak link somewhere in the chain. Our goal is to provide companies with a comprehensive set of tools that bring everyone into the process, making high-level security manageable, simple to navigate, and available at an affordable price.”
About the company
Aurimas Bakas and Andrius Minkevičius are the founders of the company launched in 2023. The dynamic AI-driven platform that Cyber Upgrade is creating is designed to meet the unique cybersecurity requirements of small and medium-sized enterprises (SMEs), with a focus on inclusion and accessibility. With the help of an AI chatbot that serves as a virtual cybersecurity officer and helps each SME implement its own practical cybersecurity solutions, the platform is a gamified system. The programme incorporates an instructional component as well, keeping team members informed about the most recent cybersecurity procedures through an engaging interface akin to a game. Through the provision of tools for Chief Information Security Officers (CISOs) to oversee and manage their internal cybersecurity procedures and uphold regulatory compliance, the company’s platform also assists established fintechs. Fintechs require future-proofing in light of new cybersecurity rules like DORA, MiCA, and NIS2, as well as rising cyber threats.
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