Jena-based Enginsight, a seasoned German provider of an all-in-one cybersecurity platform for small and medium-sized enterprises (SMEs), has successfully closed a €6 million new funding round led by UVC Partners. Among the co-investors is Carsten Maschmeyer, again investing in the startup with his seed+speed fund. The fresh capital will enable the company to further its mission of protecting the German small and medium-sized enterprises (SMEs) sector from the growing threat of cyberattacks.
Also joined as co-investors bm-t beteiligungsmanagement thüringen GmbH, Talanx AG, Smart Infrastructure Ventures, and Brandenburg VENTURES GmbH.
SMEs comprise 99.4% of the German economy and are particularly vulnerable to cyberattacks due to their lack of resources and expertise to defend against increasingly sophisticated threats. Such cyberattacks caused damages of €203 billion in Germany in 2022, according to the annual IT security report by the Federal Office for Information Security (BSI).
Unsurprisingly, various reports call for increased cybersecurity engagement from policymakers and organizations. Enginsight focuses its solutions on those most affected by this danger. The company’s innovative platform aims to shield SMEs from the financial damage these attacks can cause. Businesses of all sizes and industries – from small accounting firms to companies with 10,000 employees – can benefit from this offering.
“Our goal is to ease the burden on IT managers in SMEs and provide them with the transparency and control they need over their networks,” said Mario Jandeck, co-founder and CEO of Enginsight. “Every day, about 70 new vulnerabilities are discovered in software products – a massive threat, especially considering the sensitivity and importance of business data. With our holistic approach, which focuses on threat detection, prevention, and automated vulnerability management, companies can act proactively to protect themselves.”
Despite the growing threat, too few SMEs have stepped up their security efforts. A 2019 empirical study revealed that 53% of respondents took up to seven days to detect a cyberattack. This slow response is as concerning as the fact that only 62% of small businesses regularly install security updates, and just 18% have an emergency response plan in place.
“These well-known deficits increase the risk, as cybercriminals even more frequently target SMEs. With our automated, all-in-one solution, we’re fighting against attackers and empowering SMEs to restructure their IT infrastructure and prepare for the future,” explained Max Tarantik, co-founder and COO of Enginsight.
Enginsight offers a solution developed entirely in Germany, specifically tailored to meet the needs of the German SME sector. Andreas Unseld, General Partner at UVC Partners, noted: “From our perspective, the biggest challenge for many SMEs is the lack of comprehensive solutions that are both affordable and quick to implement. Enginsight’s customers benefit from a pre-configured platform that can typically be deployed and operational within a day. The company combines threat detection, monitoring, and response in a single system without requiring multiple isolated tools. That’s why we believe Enginsight’s offering perfectly aligns with the needs of today’s market.”
“The availability of IT security specialists is a constant bottleneck for SMEs. Enginsight addresses this gap by offering solutions that don’t require additional time from experts. This is why Enginsight is highly valuable to IT service companies working with SME clients,” added Jakob Banhardt, Investment Manager at UVC Partners.
With this latest funding round, Enginsight plans to expand its market leadership in the DACH region (Germany, Austria, Switzerland) and establish a foothold internationally. The focus will be on targeted branding campaigns, expanding the sales team, and developing new partnerships. Simultaneously, the software will continue to evolve to ensure that it provides SMEs with optimized, future-ready protection.
“We are proud of how Enginsight has expanded and improved its product portfolio in recent years. It is not only large companies that are increasingly at the center of cyber attacks; SMEs and smaller companies are also being forced to seriously protect their software and hardware systems. Enginsight provides business and administration with an all-in-one security platform plus support and consulting that offers all-round protection made in Germany,” added Alexander Kölpin, Investor and Managing Director at seed + speed Ventures.
Read the orginal article: https://www.eu-startups.com/2024/09/german-company-enginsight-gets-e6-million-to-strengthen-cybersecurity-for-smes/
