[Funding alert] Lithuanian-based Cyber Upgrade Raises €650k in Pre-Seed Funding

Monday 12, 2024 | By Team SR

Lithuanian-based Cyber Upgrade raises €650k in pre-seed funding. Venture capital firms FIRSTPICK and NGL Ventures, along with other business angels, invested in this round. This is a significant milestone in its goal of offering small and medium-sized businesses (SMEs) and fintechs inclusive and accessible cybersecurity.

Lithuanian-based Cyber Upgrade raises €650k in pre-seed funding. Venture capital firms FIRSTPICK and NGL Ventures, along with other business angels, invested in this round. This is a significant milestone in its goal of offering small and medium-sized businesses (SMEs) and fintechs inclusive and accessible cybersecurity.

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With this pre-seed funding, Cyber Upgrade will be able to improve their product's alignment with market demands, quicken the pace of product development, and increase their market awareness.

The company's current priorities are refining its AI chatbot, future-proofing its solution, and enhancing the platform's dashboard to offer a comprehensible overview of all occurrences.

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Bakas, CEO at Cyber Upgrade said, “This investment opens exciting growth opportunities, allowing us to develop the latest technologies into next-generation operational level defenses against emerging cybersecurity threats, In ten years of building critical banking infrastructures at Paysolut, we learned a great deal about securing and strengthening banking systems against cyber attacks. We are now in a position to combine our years of experience with all the latest AI-driven solutions to make Cyber Upgrade the first line of defense in cybersecurity.”

The dynamic AI-driven platform that Cyber Upgrade is creating is designed to meet the unique cybersecurity requirements of small and medium-sized enterprises (SMEs), with a focus on inclusion and accessibility.

Read also - Vilnius-based Axiology Secures €2 Million in Funding

With the help of an AI chatbot that serves as a virtual cybersecurity officer and helps each SME implement its own practical cybersecurity solutions, the platform is a gamified system.

Bakas said, “You can build great cyber defense lines, but if your team is not on board, then willingly or unwillingly there will be a weak link somewhere in the chain,” “Our goal is to provide companies with a comprehensive set of tools that bring everyone into the process, making high-level security manageable, simple to navigate, and available at an affordable price.”

Through the provision of tools for Chief Information Security Officers (CISOs) to oversee and manage their internal cybersecurity procedures and uphold regulatory compliance, the company's platform also assists established fintechs.

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Fintechs require future-proof solutions that can dynamically react to external changes while reducing continuing vulnerabilities in the face of rising cyber threats and anticipated cybersecurity laws like DORA, MiCA, and NIS2.

About Cyber Upgrade

Cyber Upgrade provides software owners, internet organizations, and traditional enterprises with cyber protection as a service. Assessments, employee awareness trainings, documentation preparation, integration help for security products, and much more are all included in the solution.

Read also - CA-based Flood Secures $5.2Million in Seed Funding

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