Paris-based CybelAngel raises €32.9 million Series B to help companies manage digital risk

CybelAngel

French startup CybelAngel, a digital risk management startup, has today announced closing a €32.9 million Series B funding round, from a consortium of European VCs and successful US based entrepreneurs. This new funding brings its total raised to around €47.6 million, and will be used for global expansion, partnerships and product development. 

CybelAngel, founded in 2013, helps companies manage digital risk in real time. Its platform detects over one billion documents per day and uses artificial intelligence to assess the sensitivity of the information it finds. All of this information is compiled into relevant, actionable reports for enterprises, allowing them to quickly and easily strategise effective remediation and takedown. The wider effect is the empowerment of companies to protect their intellectual property, brand, and reputation – at the same time as following global regulatory requirements.

The demand for this kind of service is growing, as enterprise data is now shared on more third-party platforms than ever before. Whether it be on the cloud, on connected or IoT devices, or among external contractors and vendors, the threat of critical data leaks beyond a company’s firewall grows every day. In fact, the World Economic Forum’s Global Risks Report 2019 ranks data theft and cyber attacks among its top five global risks, making due diligence on company data protection an essential part of today’s companies activities. For this reason, CybelAngel is working closely with major global Fortune 500 customers across both Europe and North America.

This round was led by Prime Ventures, alongside TempoCap, with participation from Bpifrance and Open CNP. CybelAngel’s new investors include angel investors Olivier Pomel and Alexis Le-Quoc (Datadog), Renaud Deraison (Tenable), Lou Shipley (formerly Black Duck Software), and Stephan Dietrich (Neolane, acquired by Adobe).

Damien Henault, partner at TempoCap said, “CybelAngel’s platform, based on a unique combination of AI and human expertise, represents a real paradigm shift in the industry and we’re proud to invest in a cybersecurity firm that is truly disruptive and innovating at scale. We look forward to supporting their success over the coming years”.         

In conjunction with the round, CybelAngel also announced that Pieter Welten, Partner at Prime Ventures, has joined the company’s Board of Directors. “CybelAngel’s technology is a must-have in every CIO’s cybersecurity posture. Their solution has already been successful at saving customers billions of dollars’ worth of potential damage from data leaks. We see an expansive global opportunity in CybelAngel, and we are excited to help them grow,” said Welten.

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