French data leak detection firm secures $36m, plans UK growth
Paris headquartered digital risk management firm CybelAngel has announced the closing of a $36m Series B funding round and now plans to expand its UK presence.
The round, led by a group of US-based entrepreneurs and a consortium of European Venture Capital Firms, will be used to accelerate its global expansion, strategic partnerships and product advancement.
Prime Ventures, which has previously backed London-based iwoca, led the round alongside TempoCap Bpifrance and Open CNP. The latest round brings its total investment to $52m.
Its cybersecurity platform scans the web, dark web, and connected storage for leaked information which may have come from its client’s databases. It then alerts its clients and provides a remediation plan.
The firm, which counts Louis Vuitton, AirFrance, and Danone among its customers, has a second office in New York, and three full time employees dedicated to UK market, a number which is set to grow this year.
“We are focusing expanding our workforce in the UK over the coming months,” Erwan Keraudy, CEO and Co-Founder told BusinessCloud.
It is now aiming to reach 10% revenue from the UK in 2020, focussing on “specific verticals including Insurance, Oil and Gas, Supply Chain and M&A market.”
On Brexit, the firm said the UK market offers lots of opportunity. It cites a UK Government’s cybersecurity report which suggests only 31% of UK organisations have done a cyber-risk assessment in the last 12 months.
But the firm did say that GDPR compliance could cause bumps in the road after leaving the EU. Britain’s current stance is to mirror the existing GDPR in its own regulation, but the firm said it was cautions of future discrepancies.
“Brexit, for now, has not had an impact on our customers; however where they may experience an impact is regarding GDPR compliance,” Keraudy said.
“While there may very little difference between the EU GDPR and the proposed UK GDPR, it is certainly something we will need to monitor over the longer term.
“Organisations that process personal data should continue to comply with the requirements of the EU as significant parts of the UK’s international data flows are with EU companies.
“UK companies will continue to be required to comply with both regulatory bodies. Given the continued collaboration and cooperation that is necessary, we believe that organisations within the UK will fully benefit from the services CybelAngel deliver.”