Emerging Europe’s start-up scene is thriving: new money and new ideas are coming onto the market all the time. To keep you up to date with the latest investments, innovations, movers and shakers, each Monday Emerging Europe brings you a round-up of the region’s start-ups which recently closed financing rounds, sealed partnerships, or dropped new innovations.
CybExer: Cyber range platform from Estonia raises five million euros
CybExer Technologies, a cyber range company with global customers spanning international defence organisations, financial institutions, and critical infrastructure enterprises, last week announced a five million euros funding round to meet market demand and expand its global operations in the face of a global cyber security skills gap and the explosive growth in increasingly sophisticated cyber-attacks.
CybExer Technologies has developed a highly scaleable cyber range platform that supports both cloud and on-premise demands. The platform delivers NIST/NICE-compliant testing and evaluation, as well as seamless integration of highly complex industry-specific core business applications such as directory services, international transfers and payments, 5G, OT/SCADA, and mission critical systems in aerospace and defence. CybExer’s growing roster of clients includes some of the most demanding defence and commercial organisations around the world.
The investment round was led by Karma Ventures, joined by First Fellow Partners, Specialist VC and select angel investors with deep cyber security industry experience.
“We see cyber security as a fast-growing field, and are excited partner with a global deep-tech company that brings onto the world stage an innovation which makes tackling growing cyber threat easier,” said Margus Uudam, Founding Partner of Karma Ventures.
“We are very impressed by the current first-rate client portfolio and overall strong performance of CybExer in the dynamic and rapidly evolving cyber range market. The company has already proven itself as a best-in-class cyber range solutions provider for top-tier customers. With this additional investment, we want to increase its market share and help make this cutting-edge technology accessible to a wider customer base globally.”
Andrus Kivisaar, CybExer CEO, added: “We believe that our technology clearly meets the current market demand. With such features as on-demand library, operational technology, and visualisation tools, our platform is very well positioned to respond to customer needs. Now, we are excited to bring on board a group of investors whose expertise in cyber security and operational scale-up will be an enormous catalyst for growth.”
CybExer currently estimates the cyber range market to be above five billion euros annually and expanding – as confirmed by increasing customer interest.
“We see new customers from banking, insurance, telcos, municipalities and academia,” explains Kivisaar. “One of the unique features that helps to meet this growing demand is our ability to provide the platform as an on-prem, through the cloud or as a hybrid solution. Our approach to customer experience ensures that the tools on the range are those used in everyday operations and that the environments meet each client’s actual requirements from the word go.”
Linker Cloud: 3.5 million euros for Polish e-commerce fulfilment form
Polish start-up Linker Cloud has obtained funding of 16 million złoty (3.5 million euros) for the development of its e-commerce fulfilment network in Europe.
The funding round was led by ffVC Poland (a Polish-American investment fund) and Street Smart Capital from Finland. Previous backers, including Market One Capital and Kogito Ventures also participated.
In a statement, the start-up, founded 2017, said: “The e-commerce market is developing at a rapid pace – not only due to the situation caused by the Covid-19 pandemic and the regulations introduced by some governments regarding restrictions on stationary trade. More and more people buy online due to the convenience of such a solution; however, it implies a continuous development of e-stores, deeper care for a better customer experience, and taking up decisions to extend the offer beyond the local market and focus on cross-border.
“Therefore, our solution fits perfectly into this peak visible in the industry – thanks to our intelligent, virtual logistics ecosystem based on proprietary technological solutions, we can guarantee customers to launch sales in new countries faster, without worrying about logistics and operational issues.”
According to Maciej Skarul, a partner of ffVC in Poland, “We are convinced of the strong foundations for further e-commerce market development. Cross-border and direct-to-consumer (D2C) sales models are appropriate responses to changes appearing in consumer behaviour, and the business model adopted by Linker Cloud fits perfectly into this transformation. Linker Cloud brings great value to the sector and supports Polish and international companies in their development based on a very modern tool.”
Mediately: Slovenian medical app gets 7.2 million euros in Series A round
Slovenian start-up Mediately has raised 7.2 million euros in Series A funding to expand its medical mobile app across Europe, in a round led by London-based Piton Capital and joined by existing investors Silicon Gardens Funds, LAUNCHub Ventures, as well as by VentureFriends and angel investors.
Mediately’s mobile and web app makes drug information accessible to doctors and is available in Slovenia, Bulgaria, Czechia, Croatia, Italy, Romania, Slovakia and Serbia.
The app provides localised and relevant information to doctors and healthcare professionals – when they need it, making their tasks easier and giving them more time to devote to patient care.
“Doctors should have access to the best decision support in their work, whether they work in a top private clinic or in a remote family doctor office. That’s how the health of patients improves at scale, and that’s where our focus is,” said Mediately’s CEO Blaž Triglav.
The new funding will be used to move beyond the company’s existing eight markets with an aim to now conquer the whole of Europe. To date, Mediately, founded in 2014, has raised around 8.4 million euros.
“We have been working closely with Mediately since the early days of the company and have witnessed not only the impressive penetration among European doctors, but also the dedication of the team to the cause of equipping doctors with the best possible software assistance. This can be seen in the immense daily usage of the product in each market,” said LAUNCHub Ventures general partner Stanislav Sirakov.
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