A cybersecurity startup in Lithuania recently raised €650,000 in early-stage financing from venture capital firms Firstprick, NGL ventures, and several angel investors. The funding will be directed towards research and development, workforce expansion, and enhancing overall operational capabilities.
Collaborations with high-profile venture capitalists and business angels highlight their recognition in the rapidly changing cybersecurity landscape. The company also plans to raise more capital through a series of fundings to support long-term growth.
This investment mirrors the growing necessity to innovate in cybersecurity. With the technological evolution and increasing sophistication of hackers, advancements in cybersecurity are essential to protect sensitive data from potential threats.
The founders, Aurimas Bakas and Andrius Minkevičius, are seasoned executives in the fintech domain. They have directed successful projects and offered innovative, efficient, and user-friendly solutions to the fintech industry. This impressive track record coupled with their technological insights position them as entrepreneurs destined to reshape the digital banking landscape.
The startup aims to allocate the funds towards product development, business expansion, and crafting effective marketing strategies. They plan to enhance user experience by innovating existing products and investing substantially in technology. The company is also expected to expand its operations and launch aggressive marketing campaigns to attract a larger customer base.
The startup is designing an AI model to incorporate all team members in the cyber governance process. They aim to develop a user-friendly interface that can be managed by both technical and non-technical staff, promoting an inclusive environment. This will also streamline the auditing process and offer a comprehensive view of cybersecurity risks in real-time.
By focusing on automation and Artificial Intelligence, the startup aims to tackle intricate cyber threats. With a strong emphasis on innovation, they continually reassess and update their protection modules to counter evolving cyber-attacks effectively. Moreover, they strive to ensure user-friendly software design, so clients can easily navigate and understand the protections in place to safeguard their data.
