EIT InnoEnergy supported foreseeti announces 1M€ investment to scale business
Cyber security software company foreseeti, supported by EIT InnoEnergy, has received 9 million SEK (approximately EUR 1 million) in investment. The funding is led by experienced entrepreneurs and investors together with EIT InnoEnergy.
Foreseeti plans to use the new funding to rapidly scale the business. The company’s mission is to help companies commercially and proactively manage cyber security. SecuriCAD®, the company’s flagship product, is a unique tool for threat modeling and risk management.
Investors include Michael Lantz, who built Accedo – a global B2B software business with pioneering products – and Simon Josefsson, a key person behind the global cyber security company Yubico. EIT InnoEnergy, experienced VCs Patrik Westerberg and Anders Ösund and company employees also provided funding.
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'Foreseeti has a unique, leading solution that perfectly responds to a huge and fast growing market need. Furthermore, the team has a very strong mix of deep technical skills, including professors, PhDs and military security experts, as well as extensive commercial market knowledge and experience, including business strategists, operational IT security executives and cyber security consultants,' says Michael Lantz. “' am thrilled to invest and contribute to their future success.'
'The need of foreseeti’s solution is immense,' says Simon Josefsson. 'Managing cyber security in a proactive and business minded way is extremely challenging in a world of complex and interconnected systems. The devil is not only in the detail. Today, this work is typically done through manual expertise, which is scarce, expensive and subjective. SecuriCAD® boosts your organisation with automated, objective capabilities, improving your security work in the same revolutionising way that CAD tools have improved work in other engineering domains.'
EIT InnoEnergy has supported the innovation at an early stage, first through the innovation project MrCySeMol, and then through its Business Creation Services offering to support SecuriCAD® commercialisation and foreseeti’s business growth and development. As the number of cyber-attacks against critical infrastructures like utilities and grid operators rises, addressing cybersecurity issues in the energy sector is indeed crucial to maintain operations and secure energy supply.
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