Lithuanian cybersecurity startup CBRX raises €540K
Lithuanian cybersecurity startup CBRX (formerly Cyberalert) has raised €540K in a pre-seed round from Coinvest Capital, Scalewolf, Plug and Play Tech Centre, and Firstpick.
Founded in Vilnius in 2023 by Kazimieras Sadauskas and Audrius Mikneviсius, CBRX has developed a cloud platform that automates the work of cybersecurity analysts, freeing up to 90% of their time. The company's solution allows them to quickly gain insight into potential cyber threats and streamline incident handling procedures. The startup also helps its clients resolve security incidents, such as protecting their digital assets and maintaining business continuity.
CBRX will use the funds raised to expand its operations in the European Union and further develop its products. In addition, CBRX plans to expand its team by hiring product development and artificial intelligence specialists.
Coinvest Capital, an early stage venture capital fund established in 2018 by the national development bank ILTE, invests EU and Republic of Lithuania public funds, in promising Lithuanian startups. The managing director of Coinvest Capital is Viktorija Trimbel.
ScaleWolf is a venture capital and technology accelerator founded in 2023 in Lithuania by former Lithuanian Deputy Defense Minister Edvinas Kerza. The company, in cooperation with the Lithuanian Ministry of Economy and Innovation, works to support dual-use technologies - innovations that are used for both commercial and defense purposes.
Plug and Play Tech Center is an American venture capital firm founded in 2006. The fund's goal is to promote technological development by connecting startups, corporations and investors around the world.
Firstpick is a venture capital firm and accelerator founded by the former team of the Estonian accelerator StartupWiseGuys, which operated in Lithuania. The company invests in Lithuanian-based startups in a wide range of sectors, from enterprise applications to consumer and retail. The partners of Firstpick are Jone Vaituleviciute, Marijus Andrijauskas, Andra Bagdonaite.
