19 Dec ETHIACK Secures €4 Million in Funding to Enhance AI Solutions for Cybersecurity
ETHIACK Secures €4 Million Seed Funding to Revolutionize Cybersecurity with AI Solutions
Coimbra-based cybersecurity startup ETHIACK has successfully raised €4 million in seed funding to propel the development of its innovative solutions that integrate artificial intelligence (AI) into ongoing security testing for digital assets. The funding round, led by Explorer Investments, garnered participation from a consortium of celebrated investors, including CoreAngels, Paulo Marques, Startup Wise Guys, Aralab, Amena Ventures, and Start Ventures.
Founded in 2022 by a trio of ethical hackers—André Baptista, Jorge Monteiro, and Vitor Pinho—ETHIACK has quickly made its mark in the cybersecurity landscape, generating €1 million in revenue in just two years and establishing a clientele spanning nine countries. Their groundbreaking technology identifies weaknesses in digital systems in real-time, and has assessed over 150,000 digital assets, uncovering serious vulnerabilities in approximately 20% of the most critical systems over the past year.
CEO Jorge Monteiro highlighted the importance of the recent partnerships, stating, “The expertise offered by our investors will be crucial as we navigate our growth and international expansion.” With the fresh influx of capital, ETHIACK is poised to enter the next phase of its technology evolution, planning to roll out AI-powered “Hackbots.” These advanced bots will continuously simulate ethical hacking techniques, enabling businesses to detect intricate vulnerabilities and compile compliance reports that align with ever-evolving digital security standards.
As the digital world becomes increasingly complex and interconnected, ETHIACK stands at the forefront of cybersecurity innovation, committed to safeguarding digital assets and promoting a safer online environment. With this significant funding boost, the company aims to fortify its position as a leader in cybersecurity solutions, ensuring that businesses can maintain robust defenses against the growing threat of cyber attacks.