EclecticIQ has raised €20 million ($24 million) in Series C financing, led by Ace Management, Europe’s leading cyber growth investor.
Other contributors to the funding round include Capricorn Digital Growth Fund and Quest for Growth, Invest-NL, Arches Capital and existing investors INKEF Capital, KEEN Venture Partners and KPN ventures. This brings the company’s total funding raised to €47 million over a four-year period, making it among the best funded global cybersecurity scale-ups based in Europe.
Funding will go towards deepening the company’s commitment to government, large enterprises and service providers, expanding its portfolio and increasing the company’s global footprint. With this investment EclecticIQ will accelerate its strategy to transform from a leading threat intelligence platform vendor into an innovative cybersecurity leader across the globe.
As cyber threats continue to evolve rapidly, intelligence-led cybersecurity has become the norm. EclecticIQ’s growing customer base relies on its threat intelligence platform as the single source of truth for cyber threats and incidents.
The financing will drive further innovation of the platform with new use cases, enabling governments, large enterprises and service providers to effectively manage threat intelligence, create situational awareness and adopt an intelligence-led cybersecurity approach.
Having mastered threat intelligence technology, the company sees adjacent opportunities in operationalizing threat intelligence, as this is a problem that has not been solved in the market yet.
With the recent acquisition of PolyLogyx’s end-point technology, the company is well positioned to develop new solutions that re-imagine how organizations detect, hunt and respond to sophisticated threats.
To accelerate growth, EclecticIQ will use the funding to expand its commercial teams in Europe and the United States, and establish a presence in the Middle East, Africa and Asia Pacific.
Leveraging its experience with governments, and some of the most targeted enterprises globally, the company will expand its focus to new segments and strengthen its global partner ecosystem.
François Lavaste, Partner at Ace Management who will join EclecticIQ’s board of directors, said: ”We are convinced that Ace Management’s new investment will help the company to improve and accelerate its solutions that enable the world’s biggest governments and commercial enterprises to identify and protect against the most intense cyber threats.”
Joep Gommers, EclecticIQ’s co-founder and chief executive officer said, “It is exciting to bring in a high-caliber cyber investor like Ace Management, which shares our vision of threat intelligence at the core of cybersecurity, and sees the opportunity to transform the industry by solving massive challenges faced in threat detection, hunting and response. This financial investment will enable EclecticIQ to drive the industry forward and support our clients more effectively facing an ever-evolving threat landscape.”
EclecticIQ has seen impressive growth over the years:
- Growth: In 2019, the company grew its revenue by 84 percent by successfully expanding the company’s market segments from government to larger financial organizations, telecoms and big tech companies.
- Product: EclecticIQ is continuing to push the envelope, with a new intelligence ingestion engine introduced to the EclecticIQ Platform, improving robustness and scalability of the company’s core threat intelligence technology.
- Industry alliances: The company is a sponsor member of OASIS, EclecticIQ joined the Open Cybersecurity Alliance (OCA), along with some of the biggest names in cybersecurity.
- Leadership: The company further strengthened its leadership team, adding Wytse Bouma (ex Rockstart) as CFO, and Ciaran Bradley (ex Adaptive Mobile, Kemp) as CTO.
- Board: Three new members have been appointed to its board: Ben Verwaayen (KEEN Venture Partners, previously CEO of BT Group PLC Alcatel-Lucent, President of KPN Telecom and Vice-Chairman of Lucent Technologies), François Lavaste (Partner, Ace Management) and Katrin Geyskens (Partner, Capricorn Partners). The Board is chaired by Sam van der Feltz (ex Unilever, TNS & EMI).