With participation from current investors Bessemer Venture Partners and TIN Capital, Eye Security has announced a €36 million Series B investment headed by J.P. Morgan Growth Equity Partners. The funding round would mark a new chapter in Eye Security’s mission to protect businesses across Europe.
With a diversified staff of over 100 specialists spread across three countries, Eye Security has witnessed significant development since its founding by a group of Dutch experts in intelligence and security services. The innovative cybersecurity methodology used by the company would enable mid-market enterprises to access enterprise-level, round-the-clock cyber security, incident response, and cyber insurance. Hundreds of clients across a variety of industries, including information technology, healthcare, manufacturing, banking, and automobiles, would trust Eye Security.
CEO of Eye Security Job Kuijpers said, “Our journey began with a vision to tackle the escalating cyber risks that businesses face on a daily basis. The certainty that comes with working with a leader in insurance and cybersecurity is something we’re thrilled to provide to our clients and key partners as we expand our mission across Europe.”
Eye Security intends to use this fresh amount of capital to expand into select European countries in 2024 as well as further establish its position in already-established areas including the Netherlands, Germany, and Belgium.
Scalable Cybersecurity Technology
Eye Security claims to be in a unique position to benefit from the impending tailwinds brought about by the European Union’s NIS2 legislation. By October 17th, 2024, EU member states must incorporate NIS2 into their national cybersecurity law. Tight deadlines for businesses to notify their respective government authorities of cybersecurity breaches are established under the order. If the company’s previous fiscal year’s total global sales were not met, penalties of up to €10 million, or about 2% of that amount, might be imposed. By developing incident response protocols, providing staff awareness training, and other measures, regulatory bodies and consulting organizations advise businesses to improve their cybersecurity posture.
“In today’s landscape, where cyber threats are ever-present, businesses frequently struggle to find reliable cyber insurance,” added Job Kuijpers. “This problem is immediately addressed by Eye Security. Our technology is scalable and can provide insurance coverage rapidly, while simultaneously fortifying a company’s defenses against cyberattacks. Our clients are completely safeguarded against cyber danger thanks to our all-inclusive strategy.”
“Eye Security fills a critical gap in providing advanced cybersecurity and insurance coverage at an accessible price point to mid-market companies. Non-enterprise companies continue to be disproportionality impacted and lack the necessary incident response capabilities,” said Topher Dawe, Managing Partner at J.P. Morgan Growth Equity Partners. “When contextualized with the upcoming European Union NIS2 directive and a continued cybersecurity talent shortage, we believe Eye Security is well positioned to help address this gap. We are excited to partner with the Eye and support the company’s mission.”
