ETHIACK funding news – Coimbra-based ETHIACK has raised €4 Million in Seed Funding

The funding round was led by Explorer Investments, with support from investors like 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.”

ETHIACK was founded in 2022 by ethical hackers André Baptista, Jorge Monteiro, and Vitor Pinho. The startup combines human expertise with AI to provide continuous security testing for digital assets.

In just two years, it has made €1 million in revenue and works with clients in nine countries. Its platform, which finds vulnerabilities in digital systems in real-time, has gained global recognition.

It has received several awards, including being named WebSummit’s Most Promising Startup, winning Portugal’s National Innovation Award, and being selected for Google’s AI for Cybersecurity Growth Academy. Co-founder André Baptista, a cybersecurity expert, was also named Most Valuable Hacker for the second time this year, a title given to only five people worldwide.

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It’s technology has tested over 150,000 digital assets so far, finding critical vulnerabilities in about 20% of important systems last year. The company uses a combination of manual testing and automated tools to meet strict cybersecurity rules like CRA, DORA, and NIS2.

The new funding will help launch the next version of ETHIACK’s Automated Continuous Pentesting technology.

The key upgrade is the introduction of AI-powered Hackbots, which will work like ‘ethical hackers’ 24/7. These bots will check connected systems, find complex vulnerabilities and create reports to help businesses stay up-to-date with changing digital security standards.

ETHIACK also plans to expand into new markets, starting with the UK and Europe, and is looking into 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.”

Start Ventures said, “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, 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!“.

About ETHIACK

ETHIACK is an ethical hacking platform for the digital age. Its AI-powered security, combined with human expertise, quickly finds vulnerabilities, so tech teams can focus on building.