Copenhagen’s AI cybersecurity startup Muninn raises €2.5m seed round led by Luminar Ventures
AI-driven cybersecurity platform Muninn, headquartered in Copenhagen, has secured a €2.5 million seed round led by Luminar Ventures, with previous investor PreSeed Ventures (PSV) participating. Muninn has experienced rapid growth in the last six months from both private and public customers, who are investing in fighting cyber threats using Muninn’s AI Detect and Prevent technologies.
Cyber threats are a growing problem. Each year, around 37% of businesses are affected by ransomware, where a hacker takes a business’s data hostage and demands a ransom to release it. In Denmark alone, 6 out of 10 businesses are threatened every year. And more often than not, the businesses end up paying. According to IBM’s report covering 17 different countries and industries, the average cost of a data breach rose from $3.86 million to $4.24 million in 2021.
Andreas F. Wehowsky, Co-founder and CEO, Muninn: “We’ve witnessed a huge demand for Muninn’s technology in the market and this new investment enables us to grow at a higher rate to build on our success both domestically and internationally. We’ve tripled our revenue in just six months and expect to triple it again in the next 12.”
Muninn’s proactive threat detection system takes a unique approach to learning network behavior and reveals persistent threat actors before it’s too late. Uniquely, Muninn can proactively predict, track, and block network threats in real time, while precisely diagnosing the actions to take to prevent an intrusion.
Jacob Key, Co-founding Partner, Luminar: “We invest in unique talents, and in Andreas, we have found a trailblazer that combines a very credible cyber security background, with a deep understanding of machine learning technologies. The accelerating demand for threat detection and prevention tools is clear to see, particularly as companies and governments prepare for a new era of cybercrime, and a higher volume of real network threats. Muninn’s unique ability to predict and diagnose these threats, and automatically suggest which actions to take, is a total game-changer in this environment, as we can see in their propelling growth over the last 6-12 months.”