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In what has been a record year for the cost of data breaches, Binalyze wants to reduce the time it takes for companies to respond to incidents.
Estonian cybersecurity start-up Binalyze has raised $19m in an investment led by Molten Ventures to further its presence in the breach investigation technology market.
Based in Tallinn, Binalyze specialises in digital forensics and incident response (DFIR). It helps customers such as Turkish Airlines, Deloitte and EY to automate their response to potential breaches of their systems.
“Investigation speed post-incident is crucial but has been hampered by market fragmentation and complex IT systems,” said Edel Coen, principal at Molten Ventures.
According to a State of DFIR report cited by Binalyze, current breach investigations typically take enterprises an average of 26.1 days. IBM reported in July that 2023 has been a record year for data breach costs, globally averaging a cost of $4.45m.
“Binalyze flips this on its head, with rapid results via advanced automation and multi-platform support. This is a game changer for SOCs after an attack, and we’re thrilled to back the team as they transform the DFIR market,” added Coen.
Essentially, the idea is to shorten the time required to complete incident response investigations and make resource-strapped security teams at organisations more efficient.
While led by Molten Ventures, the Series A round was also backed by existing investors Earlybird Digital East and OpenOcean. New investors include Cisco Investments, Citi Ventures and Deutsche Bank Corporate Venture Capital.
“We have a shared vision for managing cyberthreats and this is reflected in the confidence our investors have placed in our ability to revolutionise the DFIR landscape,” said Emre Tinaztepe, founder and CEO of Binalyze.
“This investment will enable us to enhance our platform’s capabilities further and bring its benefits to even more organisations – ultimately helping them to protect their critical data and assets better.”
Binalyze will use the investment to fund its market outreach team and boost R&D efforts by integrating AI and machine learning into incident response processes. The start-up is set to launch its latest AIR 4.0 offering and Investigation Hub next month.
Earlier this summer, Molten Ventures announced it led a €5m funding round for employee wellbeing start-up Oliva. In May, it led a £12.7m funding round into Satellite Vu, a UK-based climate company working on thermal imaging data.
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