Lithuanian security startup CyberUpgrade raises €2.5M

Lithuanian startup CyberUpgrade, which has developed an AI-powered solution for enterprise security, has raised €2.5M in a seed round. The round was led by the Finnish Superhero Capital, with participation from Estonian Specialist VC, Lithuanian accelerator Firstpick, and a syndicate of investors from Lithuanian angel investment network NGL. Business angels Maria S. Kalochoritis and Sergey Anikin also participated in the round.

Established in Vilnius in 2023 by former founders of fintech Paysolut (was sold to London-based SumUp) Aurimas Bakas, Andrius Minkevičius, Algirdas Stasiūnaitis, and Nojus Antanas Bendoraitis, Cyber Upgrade has developed an AI-powered platform for traditional businesses, software owners and tech companies, that helps clients assess the effectiveness of cyber tools, conduct employee awareness training, and create cyber governance documentation. It includes CISO Copilot, which helps companies implement cybersecurity solutions. Cyber Upgrade has also developed CoreGuardian, a dashboard that provides visibility and tracks the security measures of the company. Using the startup's tools, chief information security officers (CISOs) can monitor and manage their internal cybersecurity processes and maintain regulatory compliance. For instance, the platform can guide clients in preparing for DORA regulation compliance (regulatory framework for digital risk management for financial entities and some ICT service providers).

CyberUpgrade will use the investment to develop the platform and expand its services.

Founded in Tallinn in 2017, Specialist VC is a venture capital firm that supports companies in the Baltic region, Finland, and Ukraine. The partners of Specialist VC are Kaspar Hanni, Riivo Anton, Tõnu Esko and Gerri Kodres.

Firstpick is a venture capital firm and accelerator founded by the former team of the Estonian accelerator StartupWiseGuys, which operated in Lithuania. The size of the fund is €20M. The initial ticket starts at €50-€200K. The partners of Firstpick are Jone Vaituleviciute, Marijus Andrijauskas, and Andra Bagdonaite.

NGL was founded in April this year in Lithuania by former LitBAN Managing Director Justinas Pasys and Ieva Dargyte-Pasiene as a family business.