Cyber Upgrade secures funding for start up growth
James Thorpe
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Lithuania-based cybersecurity start up Cyber Upgrade has successfully secured €650,000 in pre-seed funding, with investment from venture capital firms FIRSTPICK, NGL Ventures and others.
This milestone represents a significant advancement in its objective to offer comprehensive and attainable cybersecurity solutions tailored for small and medium sized enterprises (SMEs) and fintech companies.
“First line of defence in cybersecurity”
Leading the Cyber Upgrade team are Aurimas Bakas and Andrius Minkevičius, who previously co-founded Paysolut, a core banking system provider.
Their previous venture was acquired by SumUp following a multi-year partnership.
Aurimas Bakas, CEO, Cyber Upgrade commented: “This investment opens exciting growth opportunities, allowing us to develop the latest technologies into next-generation operational level defences against emerging cybersecurity threats.
“In ten years of building critical banking infrastructures at Paysolut, we learned a great deal about securing and strengthening banking systems against cyber-attacks.
“We are now in a position to combine our years of experience with all the latest AI-driven solutions to make Cyber Upgrade the first line of defence in cybersecurity.”
Cyber Upgrade’s platform
Cyber Upgrade has developed a dynamic AI-driven platform designed to address the specific cybersecurity needs of SMEs, particularly focusing on accessibility and inclusivity.
The platform includes a gamified system, featuring an AI chatbot that serves as a virtual cybersecurity officer, guiding each SME in implementing its own real-world cybersecurity solutions.
Additionally, the platform integrates an educational aspect, using an interactive game like interface to keep team members up to date on the latest cybersecurity practices.
Bakas added: “You can build great cyber defence lines, but if your team is not on board, then willingly or unwillingly there will be a weak link somewhere in the chain.
“Our goal is to provide companies with a comprehensive set of tools that bring everyone into the process, making high-level security manageable, simple to navigate and available at an affordable price.”
The company’s platform extends its benefits to established fintechs, offering tools for Chief Information Security Officers (CISOs) to oversee and oversee its in house cybersecurity processes and ensure regulatory compliance.
Accelerate development
With emerging cyber-threats and forthcoming cybersecurity regulations such as DORA, MiCA and NIS2, fintechs require future proof solutions capable of dynamically adapting to external changes while addressing ongoing threats.
The pre-seed funding will accelerate Cyber Upgrade‘s development, boost market visibility and refine products to meet market needs.
Key focuses include future-proofing the solution, improving the AI chatbot and enhancing the platform’s dashboard.
Long-term goals involve introducing features like phishing drills, a ‘panic button’ and nano services for heightened security coverage, typically inaccessible to SMEs.
