Switzerland-based cybersecurity company xorlab has held the CHF $1.2m ($1.2m) for its pre-Series A round.
Spicehaus Partners AG served as the lead investors and will be an active partner to xorlab, it claims. Several other existing and new backers joined the round.
With the equity boost, the company plans to hire more staff to help with its growth plans.
The CyberTech company is already eyeing a Series A funding round for Q2/Q3 in 2021.
Spicehaus co-founder and CEO Daniel Andres said, “It is apparent that enterprises need cybersecurity solutions to prevent both reputational and financial risks of attacks. We see a lot of growth potential for xorlab with their competitive email defense platform and are excited about their vision to be the leader in proactive defense for all electronic corporate communication.”
Founded in 2015, xorlab mixes machine intelligent email filtering technology with advanced exploit and zero-day prevention to reduce breach risks. The company uses machine learning and dynamic analysis to identify risks and attacks which bypass traditional security systems.
xorlab CEO Antonio Barresi said, “ActiveGuard is proving that we can keep organizations safe, even while seeing a professionalization of cyberattacks. Our approach of including the employee in the solution, helps enterprises deal with more sophisticated attacks. The interest in becoming a stakeholder of xorlab even during COVID-times has proven our business case and we are excited to grow the business.”
With the coronavirus pandemic forcing teams to stay at home, cybersecurity looks to have seen a rise in popularity. Companies have been trying to get their security measures improved to ensure staff can say safe while working remotely.
Canalys recently completed research that claims the global cybersecurity market increased by 9.7% in the first three months of 2020 compared with the same period in 2019. This is caused by businesses spending $10.4bn to boost their digital defences for employees working remotely.
Cybersecurity companies look to be attracting the interest of investors as well. In Q1 2020, there was a total of $1.5bn invested into CyberTech companies around the world, RegTech Analyst data shows.
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