Amsterdam’s EclecticIQ receives €15M in EU financing; also raises €3M from Dutch Security TechFund

The threat of cyber attacks is on the rise globally. Cyber-security teams across the world are scrambling to gather actionable intelligence and data to counter the rapidly changing threat landscape. According to Specops, the Netherlands has the highest rate of machines that have encountered cryptocurrency mining, malware, and ransomware attacks – at 17.64 per cent.  All of this is where Amsterdam-based cybersecurity scale-up EclecticlQ is looking to make a difference.

EclecticlQ claims that it is the only company combining front-line expertise with an open and extendable platform that delivers threat intelligence automation and collaboration, forensic depth endpoint visibility, and threat detection and response.

EclecticlQ raises fresh funds

In a recent development, the cybersecurity scale-up raised €3M in a fresh round of funding from cybersecurity investor Dutch Security TechFund, part of TIIN Capital.

Dutch Security TechFund is part of the European cyber security ecosystem and looks to provide EclecticIQ further insights into the dynamics in Europe and relevant developments in the cybersecurity landscape.

In addition, the European Investment Bank (EIB) has also supported EclecticIQ with a further €15M financing deal. The EIB financing is backed by the European Commission through the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.

Speaking on the development, EIB Vice-President Kris Peeters, says, “Recent events show us how important it is not to neglect the digital security of companies and governments, but also of private persons. Data breaches and cyberespionage can lead to the theft of critical information such as trade secrets and technology.” 

“From ransomware attacks to computer viruses, there are many different threats that business leaders need to be aware of. In EclecticIQ, the EIB is financing a company that is developing a cybersecurity platform aimed at keeping data safe and society running – something we are happy to support.” he added.

EclecticlQ is also supported by French cyber growth investor Ace Capital Partners and other investors including Keen Venture Partners, KPN Ventures, INKEF Capital, Invest-NL, Arches Capital, Capricorn Digital Growth Fund, and Quest for Growth.

Mission to overcome cybersecurity challenges

EclecticIQ (formerly Intelworks) was founded in 2014 by Joep Gommers and Raymon van der Velde. The founders claim to have firsthand experience of running threat intelligence teams in the industry, and of the importance of analysts, tools, and data in the cybersecurity battle.

With EclecticIQ, they are now set out to build analyst-centric products and services which improve organisations’ cybersecurity defenses.

EclecticIQ helps governments, large enterprises, and service providers manage threat intelligence, create situational awareness, and adopt an intelligence-led cybersecurity approach. 

“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.

EclecticIQ extended its focus towards hunting and response with the acquisition of Polylogyx’s endpoint technology in 2020. 

The company operates worldwide from offices and teams in Europe, the UK, North America, and India, and through value-added partners.

How will the funds be utilised?

EclecticIQ will use the proceeds to accelerate its growth by further developing its cybersecurity platform through investments in research and development. It will also use them to expand to new countries and sectors by investing in sales and marketing.

“We’re pleased to receive this support from the EIB as part of its commitment to build a strong European ecosystem in cybersecurity. By adopting our cybersecurity platform, organisations can detect cyberthreats earlier, remediate them more rapidly, and scale up their analyst function,” says Gommers.