VMRay raises 34 million euros

The cyber security company thus closes its Series B financing round. The start-up specializes in malware detection and analysis.

Cyber security startup VMRay has closed its Series B funding round with €34 million. The round was led by Tikehau Capital, which is investing in the German company through its subsidiary Tikehau Ace Capital and the European Cybersecurity Growth Fund. For the first time, NRW Bank and Gründerfonds Ruhr also gave money to VMRay. Existing investors High-Tech Gründerfonds and ecapital, invested again.

The start-up plans to use the money to expand into additional target markets through new products. VMRay offers software for protection against malware attacks that can adapt to different attack strategies through machine learning. Investor Ulrich Schmitt of High-Tech Gründerfonds calls the solution an "additional layer of security needed to combat advanced and unimagined threats."

Carsten Willems and Ralf Hund founded VMRay in 2013, and the two founders were already making a name for themselves in the cyber security scene. By their own account, their company's software is now used by four of the five largest tech companies and 37 "leading" financial firms, among others.