As the business paradigm has evolved significantly over the past few decades, so has the cyberthreat landscape. According to an Accenture report, the total cost of cybercrime for each company increased by 12% – from $11.7M (approx €9.7M) in 2017 to $13M (approx €10.8M) in 2018. Between 2013 and 2018, the average cost increased by 72%, and the average number of security breaches increased by 67%.
Cyberattack is one of the major threats for businesses, with each attack incurring millions in damages to organisations. This where EclecticIQ, a global threat intelligence, hunting, and response technology provider, looks to make the difference.
The funding
EclecticIQ has raised €20M in its Series C round of funding led by Ace Management, a cyber growth investor. The round also saw participation from Capricorn Digital Growth Fund and Quest for Growth, Invest-NL, Arches Capital.
Besides, existing investors, including INKEF Capital, KEEN Venture Partners, and KPN Ventures, also participated in the round. With this funding, the company’s total funding raised amounts to €47M over a four-year period.
Joep Gommers, EclecticIQ’s co-founder and CEO, says, “This financial investment will enable EclecticIQ to drive the industry forward and support our clients more effectively facing an ever-evolving threat landscape.”
Francois Lavaste, partner at Ace Management, will be joining EclecticIQ’s board of directors.
How will the funds be utilised?
EclecticIQ claims that its growing customer base relies on its threat intelligence platform for cyber threats and incidents.
Hence, this raised capital will help the company to further drive its innovation of the platform with new use cases, enabling governments, large enterprises, and service providers to effectively manage threat intelligence, create situational awareness, and adopt an intelligence-led cybersecurity approach.
Besides, the funds will also help EclecticIQ to accelerate its strategy to transform from a threat intelligence platform vendor into an innovative cybersecurity leader across the globe, as per the company.
“With our OSQuery powered Endpoint platform, new partnerships and the team’s engineering efforts. We’re gearing up to bridge the gap between insight into cyber threats and our ability to detect-, hunt for and respond to those same threats effectively – on endpoints, cloud workloads and beyond. EclecticIQ’s new threat detection, hunting and response platform – launching in 2021 – aims to do exactly that,” Gommers mentions in a blog post.
About EclecticIQ
Founded in 2014 by Joep Gommers and Raymon van der Velde, EclecticIQ is a global threat intelligence, hunting, and response technology provider. Its clients are some of the most targeted organisations, globally, claims the company.
“When founding EclecticIQ in 2014, the practice of threat intelligence was making its introduction and technology enablement for threat intelligence teams was sorely lacking. We set out to bring much-needed standardisation in threat intelligence management. Analyst teams were struggling with the diversity of intelligence sources, operational enablement and aligning security efforts in a timely manner,” says Gommers.
According to the company, it sees adjacent opportunities in operationalising threat intelligence and believes that this is a problem that has not been solved in the market yet. It claims that the recent acquisition of PolyLogyx’s end-point technology makes it well-positioned to develop new solutions that re-imagine how organisations detect, hunt, and respond to sophisticated threats. The platform will be launched in 2021.
EclecticIQ operates globally with offices across Europe, North America, and via certified value-add partners.
EclecticIQ’s Growth and development
In terms of growth, in 2019, the company grew its revenue by 84% by successfully expanding the company’s market segments from the government to larger financial organisations, telecoms, and big tech companies.
It is also continuing to push its new intelligence ingestion engine introduced to the EclecticIQ platform, which helped it in improving the robustness and scalability of the company’s core threat intelligence technology.
As for Industry alliances, it is a sponsor member of OASIS and has also joined the Open Cybersecurity Alliance (OCA), along with some of the biggest names in cybersecurity.
Few of its other developments also include; adding Wytse Bouma (ex Rockstart) as CFO, and Ciaran Bradley (ex Adaptive Mobile, Kemp) as CTO; and adding three new members to its board including Ben Verwaayen (KEEN Venture Partners, previously CEO of BT Group PLC Alcatel-Lucent, President of KPN Telecom and Vice-Chairman of Lucent Technologies), François Lavaste (Partner, Ace Management), and Katrin Geyskens (Partner, Capricorn Partners). The Board is chaired by Sam van der Feltz (ex Unilever, TNS & EMI).
Bryan, Garnier & Co acted as sole financial advisor and sole placement agent for EclecticIQ.
Image credit: EclecticIQ
