Estonian developer of cybercrime investigation solutions Binalyze raised €19M

Estonian startup developing a cybercrime investigation solution Binalyze raised €19M in a Series A round. London-based VC and private equity company Molten Ventures led the round. The new backers, such as US Cisco Investments (a venture capital arm of software developer Cisco), a VC and an accelerator Citi Ventures (a subsidiary of US financial institution Citi), and German investment company Deutsche Bank Corporate Venture Capital joined the deal. 

Earlybird Digital East, a division of Berlin-based VC Earlybird, and Helsinki-based investment firm OpenOcean were among the existing investors.

Founded in Tallinn in 2018 by Emre Tinaztepe, Binalyze develops a Digital Forensics and Incident Response (DFIR) platform that automates and simplifies the process of cyber threat investigation and response. DFIR platform collects digital evidence that helps fill in gaps in information about cyberattacks, such as who the attackers were, how the incident happened, and how to remediate the security holes. DFIR can also help identify the data lost or the exact damage caused.

Binalyze will use the investment to strengthen its market team and its global customer support. The startup also targets to develop the DFIR platform, particularly to integrate Artificial intelligence/Machine learning into its incident response processes.

The company plans to launch the Binalyze AIR 4.0 platform in October 2023, which aims to reduce the average investigation time to a few hours. Currently, investigations take an average of 26,1 days. According to the company, Binalyze AIR can remotely collect over 350 evidence types in under 10 minutes. The new platform uses automation techniques to determine the root cause of the breach and helps build out a detailed investigation and assessment for further remediation.

In addition, Binalyze will launch a new Investigation Hub, which is the center of the DFIR platform. The Hub will enable security analysts and incident responders to conduct investigations across hundreds of devices from a single dashboard, increasing speed, visibility, and efficiency.