Based in Malta, QuoIntelligence has announced the closing of a €7.3 million Series A funding round led by Elevator Ventures, the investment arm of Raiffeisen Bank International. BMH was co-lead; eCAPITAL Entrepreneurial Partners, which led the company’s €5 million seed round in 2023, also participated as did Mercurius Private Equity.
The company, which develops tools that enable organisations to manage cyber risks, was founded in 2020 in Frankfurt by Marco Riccardi. With intelligence on cyber threats, physical risks, and geopolitical affairs made clear and actionable through its platform, companies can take action without building a huge in-house team.
The insights generated from the platform are reviewed and refined by a team of analysts across Europe. Through the company’s AI assistant, KARLA, users in any role from corporate executives to security teams can quickly tap this type of information.
As a result of new European regulations, including NIS2 and DORA, threat intelligence has become a minimum compliance requirement. Over 160,000 organisations spanning finance, manufacturing, government and critical infrastructure are impacted by these rules. And, the steady demand for cyber security solutions across the region is driven by this transition.
The German based QuoIntelligence has evolved its operation across Spain and Italy as well. That keeps everything compliant, and limits the data to be stored in Europe only so the tool also has a chance at competing with other players across globe.
It will use the new money to boost growth across Europe, enhance its product offerings and increase headcount. Its partner-led strategy is expected to aid growth in the near-term.
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