Coimbra-based startup Ethiack, an ethical hacking platform that combines AI and human expertise to identify digital vulnerabilities, has raised €4 million in a seed funding round. Investors in the round include Explorer Investments, CoreAngels, and Startup Wise Guys.
- Founded in 2022 by André Baptista and Jorge Monteiro, Ethiack is an ethical hacking platform that leverages the power of AI and human expertise to deliver continuous, autonomous security.
- The platform scans various assets, including code, third-party services, APIs, and external tools, offering a comprehensive view of a company’s security posture.
- Ethiack's detailed reports, which feature minimal false positives, help businesses stay secure while ensuring compliance with key security standards like ISO27001, SOC 2, and NIS 2.
- The startup claims that it has achieved significant growth, reaching $1 million in annual recurring revenue (ARR) and serving over 50 clients across nine countries. Ethiack's client base includes major organizations like ANA Airports and Portugal's Cybersecurity Agency (CNCS), demonstrating its impact on the global cybersecurity landscape.
Details of the deal
- The seed round was led by Explorer Investments, a Lisbon-based venture capital firm specializing in private equity, tourism, and real estate.
"As leaders in this funding round, we are proud to support visionary founders addressing the critical challenges of the digital era. We are excited about this partnership and look forward to supporting their growth as they expand their global presence," Claims a representative of Explorer Investments.
- The round also received support from Lisbon-based investment management firm CoreAngels, Paulo Marques, one of the most active European accelerators for B2B startups, Startup Wise Guys, Aralab, Amena Ventures, and Start Ventures, Portugal's venture capital firm supporting B2B startups in the Financial Sector, including Fintech and Insurtech.
- Ethiack will use the €4 million funding to enhance its Hackbot, improve vulnerability detection, and expand into new markets, starting with the UK and Europe, and later targeting the US and the Middle East.
