Tech startup Muninn has secured €2.5 million for its powerful cybersecurity system that is helping businesses and organizations prevent cyber threats in real-time. The Danish startup is now planning further product development and market growth.
In our digital world, cybersecurity tools and services are absolutely critical. Businesses and organizations across the world see themselves under cyber threat on a near-constant basis and tech teams are locked in a persistent battle of protecting cyber integrity. Cyber breaches are all too common for enterprises as much as for governments and even SMEs. Cyber threats and attacks are constantly evolving and the rate of tech development is impressive as is shocking. It means that there’s a critical need for a cybersecurity solution that can give organizations more peace of mind and stronger defence systems.
Enter Muninn – a Copenhagen-based tech startup that has just secured a fresh capital injection.
The funding
The startup has just raised €2.5 million in a Seed round led by Luminar ventures.
This comes as the startup reports that it’s doubled its customer base and tripled revenues in the first six months of this year, as well as having won a €15 million tender from the Danish Health Authority.
Previous investor PreSeed Ventures (PSV) also participated in this recent round.
Fighting cyberattacks of tomorrow
While thousands of businesses and organizations face cyberattacks on a daily basis, outdated cyber defence systems are struggling to keep up with increasingly complex and sophisticated threats.
Founded in 2016, Muninnn’s software and intelligence sensor tech help prevent attacks in real-time. The startup has developed innovative network monitoring and intrusion detection systems. Using the latest advancements in AI and ML, Muninn is able to detect cyber threats in near real-time by looking for suspicious anomalies in computer networks.
It does this by leveraging data from historical attacks to recognise and learn patterns and behaviours – therefore able to notice when something is out of the ordinary and flag that there could be a problem. It means companies will be able to proactively predict, track and block threats.
Muninn founder and CEO Andreas Frederik Wehowsky, explained: “Our machine learning approach to stopping data leakage by tracking hackers that sneak under the radar, minimizing false positives, and automatically suggesting actions to respond to threats, puts us at a significant advantage when compared to traditional cybersecurity tools.”
Moving forward, the Copenhagen-based team is planning to use this investment to continue product development and level-up commercial growth.
Luminar Ventures’ Jacob Key, said: “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.”
