Dutch cybersecurity startup BitSensor declared bankrupt: Here’s what exactly happened!

The cybersecurity startup BitSenor based in Eindhoven is facing a financial crisis and filed for bankruptcy a few days back. And, the court in ‘s-Hertogenbosch declared the startup bankrupt on recently. This was announced after the suspension of payment that was applied on June 20.

Founded in February 2015 by Ruben van Vreeland and Alex Dings, BitSensor uses big data correlation and efficient attack detection in order to create applications capable of defending themselves. The income streams of the company are not enough to meet the payment obligations thereby converting the moratorium into bankruptcy.

Wishes to relaunch in future

The founders of BitSensor were unable to provide a substantive response and referred to the curator Reinoud van Oeijen, who calls bankruptcy inevitable. The curator said that four to five parties have already registered their interest by giving them a chance to restart. It is further said that the discussions will take place in the coming days and interested ones can report to Van Oeijen. In a few weeks, it will become clear if BitSensor will make a restart.

Breakthrough in blocking attacks

Usually, it will take cybersecurity companies nearly nine months to detect if they have been hacked. But the Dutch startup BitSensor brought a breakthrough in this scenario by reducing it to a meagre 50 milliseconds. Also, the company blocks attacks in real-time. This is possible as BitSensor moves security to the application layer to keep it running smoothly.

Bagged many awards

This cybersecurity startup in Eindhoven won the Computable Award for Dutch Startup of the Year in 2017. Also, it was the cybersecurity Pitch winner at Access to Capital Event hosted in 2018. Soon after it debuted, BitSensor was named the Best Startup in the Netherlands by IBM and made its way into the list of ten best startups across the world.

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