French cybersecurity platform EGERIE bags €30M to help measure financial impact of cyber threats

Toulon, France-based EGERIE, a cyber risk management platform, announced on Tuesday, January 24, that it has raised €30M in a fresh round of funding.

Tikehau Capital, Open CNP, Banque des Territoires, and TIIN Capital were among the investors in the round.

EGERIE says it will use the funds to accelerate growth across Europe, invest in data recovery automation, and develop specific reporting functionality for insurers.

“With this new fundraising, we’ll continue to invest in automation of data recovery, and we will develop specific reporting functionality for insurers,” says EGERIE’s Founder and Managing Director, Pierre Oger. 

“These new features will be even more valuable when the European directive NIS 2 (Network Internet Security) comes into force in October 2024, obliging companies to have effective security measures to mitigate the risk of malicious attacks,” adds Oger. 

In recent years, the number of cyber-attacks has grown exponentially. EGERIE reveals, in 2022, French prosecutors opened 600 cases for malicious cyber-attacks, up from just 65 in 2019. 

EGERIE: What you need to know

Founded by Jean Larroumets and Pierre Oger, EGERIE has developed a model that links company data assets with associated business risks. 

“We can now model the financial and operational consequences of specific vulnerabilities on a given business process in real-time,” says EGERIE CEO and founder Jean Larroumets. 

He adds, “All parameters of a risk are linked in our model, which we call ‘the equation.’ We’ve been perfecting it for a decade, and it is now stable.”

The platform provides customers with a complete “digital twin” of all their information assets and processes. 

For example, the platform can evaluate and adjust risk responses in a sales process in real-time based on the evolution of the threat landscape, hardware, software, suppliers, and previously unknown security vulnerabilities.

It can also precisely calculate the return on investment of the actions taken to mitigate the risk. 

EGERIE says the model is continuously improving, meaning the more customers adopt and use “the equation,” the more accurately it quantifies the related risks. 

“Our platform considers every possible corrective action to a malicious attack and automatically recalculates the risk level,” Jean Larroumets adds. 

He further says, “With 300 clients in 90 countries, including Veolia, Orange, and Accenture, EGERIE now has thousands of cyber-oriented risk models for multiple digital environments or specific business functions and industry sectors that feed the ‘equation.’” 

“We are convinced that the EGERIE’s platform is the best response to the crucial need of companies to map and control their cyber risk,” says Quentin Besnard, Executive Director of Tikehau Capital. 

“With their unique positioning, their ‘equation’ based on thousands of modelled IT assets, EGERIE has all the ingredients to become the global reference in cyber risk management,” says Roel Reijnen, Partner of TIIN Capital.