Cytidel raises €1.35m to focus Irish cybersecurity

30 Nov 2023

From left: Minister Simon Coveney, TD, with Cytidel’s Gary Fagan, Matthew Conlon and Conor Flannery, Elkstone Venture’s Barry Brennan and Enterprise Ireland’s Anna-Marie Turley. Image: Orla Murray/Coalesce

The start-up has built a platform that helps companies prioritise their top cybersecurity flaws, and plans to grow its team next year.

Cytidel, an Irish cybersecurity start-up, has secured €1.35m in seed funding to expand its team and develop its services.

The cybersecurity start-up has built a risk management platform that offers real-time vulnerability intelligence to help companies prioritise fixing the most important flaws in their systems.

Cytidel – founded in 2021 by cybersecurity experts Matt Conlon and Conor Flannery – said its platform helps business leaders make efficient, high-impact decisions by identifying which threats pose the biggest cybersecurity risk to their business. The start-up has various clients including An Post and Carne Group.

Eoin O’hEochaidh, Carne Group’s CISO, said Cytidel has helped the company “rank and prioritise” what should be done to improve its security controls and posture.

“Cytidel are professional and expert in how they help build effective security controls and programs,” O’hEochaidh said. “They are passionate about information security and it shows in the effective work they do.”

The cybersecurity company claims its products can help cybersecurity teams operate more efficiently. It plans to use the fresh funding to grow its engineering team, with a goal of hiring 10 new staff next year.

“Every day, over-stretched cybersecurity professionals are faced with thousands of new security vulnerabilities and little time or resources to fix them all,” CEO Conlon said. “We developed a platform that helps them to get clarity from the noise, significantly improving their ability to identify and fix the cyber risks posing the greatest threat to their revenue streams.”

The funding round was led by Elkstone Ventures and Enterprise Ireland. Barry Brennan, an Elkstone venture partner, said he met Conlon a number of years ago and was “impressed by his early vision for Cytidel”.

“We are also impressed by the calibre of customers the company has garnered in such a short span,” Brennan said. “Cytidel has a huge opportunity ahead to reduce cyberthreats significantly in Ireland and globally.”

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Leigh Mc Gowran is a journalist with Silicon Republic