Hungarian security startup BitNinja raises $2.5 million to expand in the US

Hungarian startup BitNinja has raised $2.5 million to develop its server protection software and launch a new product for websites. Budapest-based Lead Ventures led the round (true to its name) with a $1.5 million investment; the rest came from American-Hungarian iEurope, Oxo Technologies Holding, and existing investors Octogon Ventures and the founders of Balabit. CFO of Lead Ventures Balázs Haszonics said the firm’s goal is to work with BitNinja over the next three to five years and make the business attractive to overseas investors. Founded in 2015, BitNinja built itself on a server security product. The machine learning software detects, filters and eliminates attacks, and in the process, becomes smarter and better at it. The startup previously raised $500,000 which enabled the company to double its ARR in 18 months, says CEO Zsolt Egri. Based in Debrecen but registered in the US, the cybersecurity startup earns most of its revenue in the States. Customers include global web hosting services such as Dreamscape, Fastcomet and Hostinger. The company has a new website protection product in the pipeline, which this latest funding will help bring to market. The round will also help ramp up sales and grow the 37-member team.

Photo: the BitNinja team, working remotely