Stockholm-based cloud-native cybersecurity startup Baffin Bay Networks has announced the acquisition of the US data security business Loryka, which focuses on botnet and IoT research. Just founded in 2017, Baffin Bay Networks’ team is made up of major US security enterprises and Nordic banks. This acquisition follows the company’s €5.6 million Series A investment last year led by EQT Ventures.
Loryka will become the first Baffin Bay affiliate in the United States. Its Threat Research centre will be based in Portland, Oregon with additional operations in Virginia, Maryland and Tulsa, Oklahoma. Loryka started out as a simple research project six years ago, but has since grown into a platform and data pipeline that allows researchers to gain insights into data breaches and security attacks.
“This is a big step for Baffin Bay Networks as we look to expand our reach and create even more value to customers,” said Joakim Sundberg, CEO and founder of Baffin Bay Networks. “With this acquisition we will have a threat research team in the US with great local knowledge and experience, meaning we will be able to provide clients with unrivalled threat intelligence and services to help them protect their businesses.”
Loryka brings much-needed IoT security expertise to Europe, a continent that increasingly struggles to combat such vulnerabilities. Earlier this month, it was revealed that less than half of European companies can detect IoT device breaches, with UK firms having one of the lowest IoT breach detection capabilities in Europe, second only to France.
Loryka believes in collaboration and the sharing of useful data points, providing researchers with the data they need to innovate and make technical breakthroughs that benefit everybody. A recognised global leader in early attack detection, Loryka has built relationships with major industry partners such as Sierra Wireless and Cradlepoint.
“This move gives us a great springboard to take our research expertise and our philosophy of data sharing to new clients and markets,” said Justin Shattuck, CEO and founder of Loryka. “Joining forces with a cybersecurity platform like Baffin Bay Networks shows we have transitioned from a data collection company to a genuine threat prevention organisation, providing solutions to corporate end-users at a larger, more significant level.”