Binalyze, a Tallinn-based cybersecurity firm specialising in digital forensics and incident response solutions, has raised $19 million in a Series A funding round. The capital will facilitate Binalyze’s further market penetration. Since early 2021 Binalyze has raised just shy of $31 million.
The Series A funding round was led by Molten Ventures with existing investors Earlybird Digital East and OpenOcean, and new investors Cisco Investments, Citi Ventures, and Deutsche Bank Corporate Venture Capital participating.
To put the enterprise-level cybercrime threat into context, in 2019, American wireless network operator Verizon released a data breach investigations report that determined, “a total of 56 percent of breaches took months or even years to detect – a significant sample size given the enormity of cyberspace that the 41,686 analyzed sites represent”.
Now let’s add a bit more fuel to that fire and note that according to IBM it took companies 206 days to identify a breach after it occurred and another 73 days to contain the breach.
In response to these statistics, Binalyze offers clients including PWC, KPMG, Garmin, Turkish Airlines, and Deloitte, a service that will collect over 150 digital forensics artifacts in under 10 minutes, and through its Timeline, Triage, and DRONE solutions, help rectify the situation and keep dwell times to a bare minimum.
Binalyze CEO and founder Emre Tinaztepe further elaborates on the new capital and the company’s vision:
“We are thrilled to have secured this substantial investment from such prestigious partners; the participation of Cisco, with its portfolio of cybersecurity solutions, along with the venture arms of Citi and Deutsche Bank, two global banking heavyweights, further underscores the credibility of our technology and team.
“We have a shared vision for managing cyberthreats, and this is reflected in the confidence our investors have placed in our ability to revolutionize the DFIR landscape. This investment will enable us to enhance our platform's capabilities further and bring its benefits to even more organizations - ultimately helping them to protect their critical data and assets better."
Lead image: blackjack3d via Getty Images.