36 million euros Series B for Eye Security

The startup Eye Security, founded in 2020, plans to expand its range of cyber security solutions for German SMEs with the Series B financing of 36 million euros.

The German startup Eye Security has successfully closed a Series B financing round of 36 million euros. The financing round was led by J.P. Morgan Growth Equity Partners, with participation from existing investors Bessemer Venture Partners and TIN Capital. Eye Security aims to protect German SMEs from increasing cyber security risks.

Focused expansion and expansion of presence in Europe

The fresh funds will be used to strengthen Eye Security's presence in Germany and drive its expansion into other European markets. The company was founded in 2020 by a team of Dutch intelligence and security experts and currently operates in Germany, the Netherlands and Belgium. Eye Security serves clients from various industries, including the automotive, manufacturing, healthcare, financial services and information technology sectors.

Our journey began with a vision to combat the escalating cyber risks that organizations face on a daily basis

Job Kuijpers, CEO and founder of Eye Security

The German SME sector is the focus of Eye Security because, despite the growing market for cyber security, it has so far been inadequately protected. According to the company, SMEs account for around 50 percent of all cyber security attacks, of which around 60 percent have to go out of business after a successful attack.

Importance of the NIS2 directive and increased need for robust cyber security measures

The implementation of the European Union's NIS2 Directive increases the importance of companies like Eye Security, as it imposes strict deadlines for reporting security breaches. Failure to comply can result in fines of up to €10 million or approximately 2 percent of total annual global turnover. Companies are therefore encouraged to improve their cyber security to avoid potential penalties.

Support from J.P. Morgan Growth Equity Partners

Eye Security fills a critical gap in the delivery of advanced cybersecurity solutions

Topher Dawe, Managing Partner at J.P. Morgan Growth Equity Partners

The Series B funding, led by J.P. Morgan Growth Equity Partners, demonstrates confidence in Eye Security's potential. Topher Dawe, Managing Partner at J.P. Morgan Growth Equity Partners, emphasizes that Eye Security fills a critical gap in the provision of advanced cybersecurity solutions for mid-market companies. This is particularly relevant in light of the European Union's upcoming NIS2 Directive and the ongoing cyber security skills shortage.