Coimbra-based cybersecurity startup ETHIACK has raised €4 million in seed funding to accelerate the development of its AI-driven solutions and expand its presence internationally.
The round was led by Explorer Investments, with investors such as CoreAngels, Paulo Marques, Startup Wise Guys, Aralab, Amena Ventures, and Start Ventures.
Jorge Monteiro, CEO of ETHIACK, underlined the “importance of these partners who, with their experience, will help us grow and overcome the challenges of growth and internationalisation.”
Founded in 2022 by ‘ethical hackers’ André Baptista, Jorge Monteiro, and Vitor Pinho, the startup combines human expertise with AI to deliver continuous security testing for digital assets.
In just two years, ETHIACK has achieved €1 million in turnover with a client portfolio spanning nine countries. Its platform, which identifies vulnerabilities in digital systems in real time, has been recognised globally.
Among its accolades, ETHIACK was named WebSummit’s Most Promising Startup, won Portugal’s National Innovation Award, and was selected for Google’s AI for Cybersecurity Growth Academy. Co-founder André Baptista, a cybersecurity expert, earned the title of Most Valuable Hacker for the second time this year—a feat accomplished by only five individuals worldwide.
ETHIACK’s technology has tested over 150,000 digital assets to date, detecting critical vulnerabilities in about 20% of high-priority systems last year. Its methodology blends manual penetration testing with automated tools to meet stringent cybersecurity regulations like CRA, DORA, and NIS2.
The fresh funding will be used to launch the next generation of ETHIACK’s Automated Continuous Pentesting technology.
The centrepiece of this evolution is the introduction of AI-powered Hackbots capable of simulating the methods of ‘ethical hackers’ around the clock. These advanced bots will assess interrelated attack surfaces, identify complex vulnerabilities, and generate compliance reports to support businesses in navigating evolving digital security standards.
The company also aims to expand its reach into new markets, starting with the UK and Europe, while exploring opportunities in the US and Middle East.
Explorer Investments, which led the round, remarked, “As the leader of this investment round at ETHIACK, we highlight Explorer Investments’ commitment to supporting visionary founders and transformative companies facing the challenges of the digital age. ETHIACK’s pioneering approach, which combines artificial intelligence and ethical hacking, represents an innovative approach to cybersecurity, aligning perfectly with our mission to promote scalable, high-impact solutions. We are excited to lead this partnership and confident in ETHIACK’s potential to set new standards in digital asset protection and expand its global footprint.”
Paulo Marques, one of the investors, added, “It is with great enthusiasm that I participate as an investor in this ETHIACK investment round. The use of Artificial Intelligence for ethical hacking is a disruptive innovation in the protection of companies and their critical assets against cyber crime. From my experience, ETHIACK’s technology is extremely well positioned to make a fundamental difference in the cybersecurity ecosystem globally.”
“As fintech investors, we are closely monitoring financial entities’ preparations to meet the requirements imposed by the Digital Operational Resilience Act (DORA) in the EU,” added Start Ventures. “Ethiack’s solution will be crucial in enabling comprehensive and continuous testing. We strongly believe they are well-positioned to become the industry standard, and we are excited to support them on their journey!“
Read the orginal article: https://www.eu-startups.com/2024/12/ethiack-hacks-cybersecurity-with-ai-raising-e4-million/
