In the current scenario, cybercrime has become usual in the business ecosystem. France is one such country that has witnessed a huge explosion of ransomware attacks and is currently the third most affected country in the world (+255 per cent in 2020). Each year, these attacks cost companies tens of thousands of euros, for whom the financial stakes and reputational risks are very high. To help protect businesses from cyber attacks, Paris-based HarfangLab claims its software can make a difference.
Ransomware is a type of malicious software (malware) that threatens to publish or blocks access to data or a computer system, usually by encrypting it, until the victim pays a ransom fee to the attacker. The french cybersecurity company HarfangLab provides hunting software to boost detection and neutralisation of cyberattacks against companies endpoints.
HarfangLab raises capital
In a recent development, the cybersecurity firm announced that it has raised €5M in a fresh round of funding, which includes a €3.5M of capital investment from VC firm Elaia, and the rest as non-dilutive funding from loans. With the raised capital, HarfangLab looks to accelerate the fight against these extremely damaging and expensive cybercriminal attacks.
Speaking on the development, Armelle de Tinguy, Investment Director at Elaia says, “HarfangLab arrives on the market with perfect timing, as we see a massive surge of threats, especially ransomware, that traditional tools are not able to contain anymore. The team is tackling a critical issue with a lightweight, cloud-agnostic, and open EDR that is impressive and will define a new standard in the XDR space.”