CyberTechs perform strongly in this week’s 20 funding deals


As we roll into what is already the third month of 2024, the FinTech sector continues to go from strength to strength with the market seeing a steady stream of funding.

The strongest performing sector this week was in CyberTech, where six deals were recorded. Trailing this was InsurTech on four, FinTech on three, RegTech and AI on two, and WealthTech, PayTech and PropTech all bringing in one deal a piece.

Here are this week’s deals.

intenseye raises $64m in Series B

intenseye, a frontrunner in AI-driven workplace safety solutions, has successfully raised $64 million in a Series B funding round.

The startup collaborates closely with numerous insurers, and in 2021, it forged a partnership with AXA XL to extend its services to insurance clients. intenseye’s roster of partners also includes Sumitomo, The Hartford, and USI, demonstrating its commitment to working collaboratively within the insurance industry.

Simetrik secures $55m in Series B

Simetrik, a financial automation platform based in Colombia, has completed a Series B funding round, raising a substantial $55m.

This financial injection marks a pivotal moment for Simetrik, underlining the growing confidence in its innovative solutions and future potential.

Founded in 2019, Simetrik has swiftly made a name for itself within the FinTech sector. The company specializes in providing “intuitive solutions” designed to streamline and automate a myriad of financial operations. These operations range from record centralization to reconciliations, controls, reporting, and accounting.

Hellas Direct secures €30m in funding

Greek FinTech Hellas Direct, a pioneering force in the InsurTech industry, has successfully completed a funding round, securing €30m.

This strategic financial injection is spearheaded by the notable investment from ETF Partners, marking a significant milestone in the company’s journey towards expansion and innovation.

The company, renowned for its disruptive approach in the insurance sector, has carved a niche for itself by offering motor and home insurance solutions. With its proprietary financing platform, Hellas Direct has demonstrated a unique capability to integrate technology and insurance, redefining customer service and operational efficiency.

EasyKnock clinches $28m in Series D

EasyKnock, a trailblazer in the home equity solutions space, has successfully completed a Series D funding round, raising a significant $28m.

This latest financial injection sees Northwestern Mutual Future Ventures, the venture capital arm of the established financial services giant Northwestern Mutual, stepping in as a key new investor alongside a cohort of new and returning backers.

This pioneering firm stands at the forefront of the FinTech industry, providing a unique platform that offers homeowners alternative methods to leverage their home equity for cash.

Xcelerate secures over $25m in funding

Singapore-headquartered Xcelerate, a prominent governance, risk & compliance (GRC), and environmental, social & governance (ESG) platform, has closed a funding round exceeding $25m.

This substantial financial injection was led by Federated Hermes Private Equity, a global investor with a noteworthy $6.4bn in assets under management and a 30-year history of fostering high-growth businesses.

Xcelerate stands at the forefront of offering tech-enabled, scalable compliance solutions. These solutions cater to highly regulated and complex industries, thanks to a robust team of subject matter experts.

Helcim secures $20m in Series B

Helcim, a payment processing platform, has announced a financial milestone with the closure of its $20m Series B funding round.

Helcim stands out in the FinTech sector by offering a comprehensive suite of payment and business management solutions tailored for small to mid-sized businesses (SMBs) in the U.S. and Canada.

The company’s mission is focused on transforming the payment experience for merchants in critical sectors such as healthcare, automotive, B2B wholesale, and professional services.

Madrid-based FinTech Embat secures €14.7m in Series A

Madrid-based Embat, known for its real-time treasury management solutions, has secured a hefty €14.7m in Series A funding.

This financial injection is earmarked for fuelling Embat’s ambitious international expansion plans.

Embat’s goal is to enhance organisational efficiency through their cutting-edge platform. Embat distinguishes itself with its user-friendly experience and ease of implementation, standing out in a crowded marketplace.

Coverdash secures $13.5m in Series A

Coverdash, a pioneering InsurTech firm focused on startups and small and medium-sized businesses (SMBs), has successfully raised $13.5m in Series A funding.

This significant milestone follows an oversubscribed Seed round, elevating the company’s total investment to $16m. The round was spearheaded by Nyca Partners, with participation from previous investors such as Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures, among others.

The fresh capital will be channelled into expanding Coverdash’s embedded partner network, growing its team, and enhancing its insurance carrier panel.

Established in 2022, Coverdash revolutionizes how startups and SMBs across the U.S. access commercial insurance products.

Prowler secures $6m in seed funding

Prowler, a leading innovator in cloud security, has successfully secured a $6m seed funding round.

From its inception, Prowler has been dedicated to making cloud security accessible and easy for everyone. The company embarked on its mission to fill a critical gap in the cloud security landscape, leveraging the founders’ unique backgrounds in open-source community engagement and engineering innovation.

This approach has positioned Prowler as a key player in addressing the challenges faced by security teams in today’s rapidly evolving digital environment.

Sitehop secures £5m to revolutionise cybersecurity

Sitehop, a trailblazer in the realm of networking encryption solutions, has successfully closed a £5m Seed funding round.

This financial milestone was achieved with contributions from an impressive consortium of investors, including Amadeus Capital Partners and Manta Ray Ventures, alongside Mercia Ventures, the Northern Powerhouse Investment Fund (NPIF), and founders of Event Horizon Capital & Osney Capital.

The company is on a mission to address a pressing issue in today’s digital landscape: the significant slowdown of communication networks caused by current software encryption solutions.

NayaOne’s sandbox platform attracts $4.7m

NayaOne, a company at the forefront of FinTech innovation, has successfully secured $4.7m in funding.

This round of investment was led by EJF Capital, alongside contributions from Valley Ventures, the corporate venture capital arm of Valley Bank, and Carthona Capital.

NayaOne’s platform represents a seismic shift in technology adoption within the finance sector. It offers financial institutions a much-needed agility to explore and integrate FinTech innovations quickly, moving away from the traditionally slow and cumbersome processes.

Silence Laboratories secures $4.1m to bolster privacy

Silence Laboratories, a trailblazer in the realm of privacy-preserving collaborative computing, has successfully closed an additional funding round of $4.1m.

This significant capital injection was led by Pi Ventures and Kira Studio, with additional backing from several esteemed angel investors including Anurag Arjun, a notable figure in the industry.

At its core, Silence Laboratories is dedicated to revolutionising how enterprises engage in data collaboration. Through its state-of-the-art cryptographic technologies, the company ensures that sensitive information remains protected, enabling businesses to leverage artificial intelligence and big data without compromising on privacy.

Gen AI startup Codified secures $4m

Codified, a Gen AI-powered data governance startup, has just announced a significant boost to its operations with $4m in seed funding.

The company, which was born out of Madrona Venture Labs and spearheaded by founder Yatharth Gupta, has attracted attention from notable investors.

Codified is at the forefront of addressing one of the most pressing issues in the digital era: data governance. With the advent of Generative AI, businesses are increasingly reliant on their critical data for insights and product development, while also grappling with data security and privacy concerns.

Tuned secures $3.2m seed extension

Tuned, a digital hearing health company, has completed an oversubscribed $3.2m seed extension round that will enable them to scale hearing health benefits for the modern workforce.

Tuned focuses on providing preventive and comprehensive hearing health solutions for employers.

With the prevalence of headphones in both personal and professional settings increasing the risk of hearing loss, the firm offers employers a proactive approach to safeguarding their employees’ well-being.

UK-based CyberTech ESProfiler raises £2.8m

UK-based cybersecurity startup ESProfiler has secured £2.8m in its seed funding round, which was led by Nauta Capital.

The investment, which builds up an angel investment it received in 2023, will be used to bolster ESProfiler’s commercial growth. Funds have also been earmarked to enhance product development and add new capabilities to its platform.

ESProfiler was founded with the aim to combat the inefficiencies within enterprise cybersecurity investments. Leveraging first-hand experience, the founding team identified critical gaps in the use of cybersecurity tools, such as, them overlapping, being underutilised and misaligned to the methods of adversaries.

Myko AI secures $2.7m from Khosla Ventures t

Myko AI, a pioneering conversational artificial intelligence (AI) startup, has successfully raised $2.7m in seed funding.

The investment round was led by Khosla Ventures, with contributions from Zero Knowledge Ventures, DayDream Ventures, the AngelList Early-Stage Quant Fund, among others.

At its core, Myko AI is redefining how sales and revenue teams interact with data. By integrating directly with existing CRM platforms such as Salesforce, and chat applications like Slack and Microsoft Teams, Myko AI facilitates instantaneous data analysis. This allows teams to autonomously access data and derive insights using simple text prompts, thereby streamlining the decision-making process and uncovering valuable insights that might otherwise remain hidden.

IBSFINtech secures $1.5m in pre-series A funding

IBSFINtech India Private Limited, a leading player in the TreasuryTech sector, has successfully closed a pre-series A funding round of $1.5m.

This strategic financial injection was led by a group of distinguished high-net-worth individuals (HNIs) from the USA and India, alongside marquee existing investors, underlining the robust trust and belief in IBSFINtech’s vision and potential for global expansion.

At its core, IBSFINtech specialises in providing an advanced Treasury Management Solution (TMS) that caters to a wide range of corporate functions including treasury, cash and liquidity, risk, trade finance, and supply chain finance management.

Yurtle’s visionary care solution backed by £1.37m Seed investment

Yurtle, a London-based InsurTech aiming to address caregiver burnout in workplaces, has successfully closed a Seed funding round of £1.37m.

The investment is set to fuel Yurtle’s expansion plans, enabling it to grow its team and introduce the world’s first digital care ally.

The solution, known as Yurty, aims to provide scalable, affordable, and hyper-personalised caregiver support, ultimately fighting caregiver burnout in workplaces.

Cybersecurity innovator BreachBits secures seed funding

BreachBits, a cybersecurity startup co-founded by John Lundgren and J. Foster Davis, has successfully completed a seed funding round.

The company stands at the forefront of the cyber risk quantification market, offering a novel approach to predicting and preventing data breaches for businesses globally.

At its core, BreachBits is revolutionizing the way businesses address cybersecurity. Through their BreachRisk platform, the company delivers fair, verifiable, and actionable cyber risk ratings. This innovative approach contrasts sharply with traditional methods, which often rely on indirect indicators of risk. BreachBits, instead, employs automated penetration testing akin to a burglar testing the locks, ensuring continuous or on-demand assessments that reflect the true risk profile of a business.

CyNam clinches significant funding from UKC3

CyNam, UK-based cyber cluster, has entered a new phase of collaboration, powered by a funding boost from UKC3 – UK Cyber Cluster Collaboration.

This financial endorsement comes hot on the heels of CyNam’s recent announcement of a strategic annual partnership with HCR Law, further underscoring its dedication to fostering cluster collaboration across the UK.

The funding provided by UKC3 underscores the pivotal role CyNam plays in promoting cyber collaboration and innovation within the local area. This support is set to empower CyNam in its efforts to extend its pan-cluster collaboration initiatives, thereby enhancing the connectivity of cyber clusters throughout the nation.

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