Dutch cyber security startup EclecticIQ raises €20m Series C funding for expansion

Dutch cyber security startup EclecticIQ raises €20m Series C funding for expansion

Published: 01-12-2020 11:26:00 | By: Pie Kamau | hits: 5845 | Tags:

EclecticIQ, a global threat intelligence, hunting and response technology provider, has raised €20 million in Series C financing, led by Ace ManagementEurope'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 EastAfrica 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, 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, Co-founder and Chief Executive Officer, EclecticIQ's: "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."