Enterprise forensics platform Binalyze has just raised €9.1 million in its mission to enable companies to respond more efficiently to cyber threats. The funding was led by OpenOcean with participation from Earlybird Digital East which led Binalyze’s pre-seed round last year.
Cybercrime is one of the primary concerns for enterprises in the digital age. It’s claimed that over half of large companies now deal with hundreds, if not thousands, of cybersecurity alerts every day. It’s now becoming accepted that 100% breach prevention is no longer a realistic expectation for most businesses.
Traditional digital forensic tools are slow and require technical knowledge that is in short supply – meaning it can take weeks, or even months, for an enterprise the understand the full extent of a cyber breach. Cyberthreats, though, require a speedy response. This is where Binalyze is targeting its focus – redefining how enterprises respond to cyber security breaches.
Emre Tinaztepe, CEO and founder of Binalyze said: “100% breach prevention is no longer a realistic expectation. Forensic visibility is an integral part of an investigation. Enterprises need to be prepared with the right tools to mount an effective and quick response once a suspected breach is detected.”
“Speed is of the essence. Cybercriminals work quickly once they gain access to a corporate network. Binalyze is designed to be fast, capturing the most comprehensive forensic snapshot and creating a detailed digital forensics report in less than 10 minutes. It dramatically speeds up all stages of incident response, from identification to remediation.”
Founded in 2018, Binalyze has grown quickly, with annual recurring revenue multiplying 20 times in the past year alone. It already has an impressive customer roster that includes international brands and Fortune 500 companies including global banks, auditing companies, airlines, and telcos.
The platform delivers real-time forensic visibility to the core security stack, redefining how enterprises can use forensics in real-world scenarios and helping them to minimize the extent of the breach and accelerate root cause analysis to ensure it cannot happen again.
Ekaterina Almasque, General Partner of OpenOcean said: “In today’s world, companies are facing a vast number of cybersecurity alerts, and response times are painfully slow with consequences for the business. It took 1.5 years to detect that SolarWinds attack was happening. Binalyze’s world-class team, with its highly differentiated product to detect the root cause in minutes rather than days/months – and sometimes years – is best positioned to help a fast-growing number of customers.”
The investment will enable further innovation to define the standard for next-generation Enterprise Forensic solutions. It will support the extension of Binalyze’s cloud-native capabilities to enhance coverage in cloud and container environments and enable it to continue to be the fastest and most complete Enterprise Forensics Platform on the market.
The investment will also accelerate Binalyze’s expansion in the US, Europe, and other key global markets enabling enterprises, MSP, and Incident Response partners to mount a forensic response to cybersecurity attacks in near-real-time. This minimizes damage and cost to the business.