HarfangLab, a French cybersecurity company offering endpoint detection and response (EDR) solutions to enhance the identification and neutralization of cyberattacks against companies, has closed a €25 million Series A funding round, led by Crédit Mutuel Innovation. MassMutual Ventures also participated alongside Elaia, a long-standing investor in HarfangLab, having led the first €5 million funding round of the company back in 2021.
The new funds will be used to accelerate HarfangLab’s business expansion in Europe, as well as to facilitate investment in research and development. The cyberthreat landscape is ever-evolving, and HarfangLab will continue to invest in the latest AI, detection automation and threat intelligence technologies to ensure they are one step ahead of the latest threats. To drive visibility and highlight its expertise, HarfangLab will accelerate recruitment and investment to develop its partner network and multiply its sales force.
“Our solution is now a must-have in the French cybersecurity market: it’s certified by ANSSI, has received great results at the latest MITRE ATT&CK Evaluations, and is constantly adding new innovations to fight against the ingenuity of cybercriminals. This funding round equips us with the resources to continue to invest in research and take the next step in the commercialisation of our solution in Europe with one ambition in mind: to always protect our clients, as the best partners would do,” said Grégoire Germain, CEO and Co-Founder at HarfangLab.
Against the backdrop of an explosion of cyberattacks in the last year, HarfangLab offers clients and partners a much-needed lightweight, cloud-agnostic, and open EDR solution. The solution is certified by the French National Cybersecurity Agency (ANSSI) and HarfangLab has seen best-in-class EDR early results from its first MITRE ATT&CK Evaluation. The company is growing fast, having increased its revenues by 250% in 2022. It has more than 250 clients and experience protecting over 800,000 endpoints and servers.
This fundraiser is the company’s second since its creation in 2018 by Xavier Boreau and Grégoire Germain, both with decades of experience in combatting cyber threats. The funds from the first raise were invested in research and development for their EDR software, enabling HarfangLab to develop the high-performing, easy-to-operate, scalable tool available today. More than 60% of HarfangLab’s workforce is now devoted to research and development, maintaining and growing the company’s excellent technical reputation.
Armelle de Tinguy, Partner at Elaia, commented: “HarfangLab continues to go from strength to strength. At Elaia, we are pleased to continue our support of this excellent team who we are proud to have supported from the beginning. The impressive achievements so far and the proven top-tier performance of their product indicate a strong future for HarfangLab as they look towards the next frontier of cybersecurity. We look forward to continuing the journey alongside the team.”
HarfangLab strengthened its Executive Committee in September 2023 with the appointment of Tanguy de Coatpont as Chief Revenue Officer and of Anouck Teiller as Chief Strategy Officer. Both recruitments are aligned with the growth and increasing footprint of the company across Europe.
“The founding team of HarfangLab, who has an in-depth knowledge of cybersecurity and a strong technical background, convinced us since we first met in 2020, especially through their vision,” added Cyrus Contant, Investment Director at CMI. “Since we first met, the company succeeded to create a reliable, and sovereign alternative to non-European solutions with a state-of-the-art product and an impressive commercial traction.”
“The frequency and sophistication of cyberattacks continue to increase each year, causing financial and reputational damage to businesses and public administrations. In response to this, HarfangLab’s highly experienced team has developed a market leading EDR product, the first of which to be certified by the French National Cybersecurity Agency. We are delighted to be partnering with Greg and the wider HarfangLab team as they build a European champion,” said Ryan Collins, Managing Partner at MassMutual Ventures.
Read the orginal article: https://www.eu-startups.com/2023/10/paris-based-harfanglab-secures-e25-million-to-protect-against-increasingly-sophisticated-cyberattacks/
