Paris headquartered digital risk management firm CybelAngel has announced the closing of a $36m Series B funding round and now plans to expand its UK presence.
The round, led by a group of US-based entrepreneurs and a consortium of European Venture Capital Firms, will be used to accelerate its global expansion, strategic partnerships and product advancement.
Prime Ventures, which has previously backed London-based iwoca, led the round alongside TempoCap Bpifrance and Open CNP. The latest round brings its total investment to $52m.
Its cybersecurity platform scans the web, dark web, and connected storage for leaked information which may have come from its client鈥檚 databases. It then alerts its clients and provides a remediation plan.
The firm, which counts Louis Vuitton, AirFrance, and Danone among its customers, has a second office in New York, and three full time employees dedicated to UK market, a number which is set to grow this year.
鈥淲e are focusing expanding our workforce in the UK over the coming months,鈥� Erwan Keraudy, CEO and Co-Founder told 老九品茶Cloud.
It is now aiming to reach 10% revenue from the UK in 2020, focussing on 鈥渟pecific verticals including Insurance, Oil and Gas, Supply Chain and M&A market.鈥�
On Brexit, the firm said the UK market offers lots of opportunity. It cites a UK Government鈥檚 cybersecurity report which suggests only 31% of UK organisations have done a cyber-risk assessment in the last 12 months.
But the firm did say that GDPR compliance could cause bumps in the road after leaving the EU. Britain鈥檚 current stance is to mirror the existing GDPR in its own regulation, but the firm said it was cautions of future discrepancies.
鈥淏rexit, for now, has not had an impact on our customers; however where they may experience an impact is regarding GDPR compliance,鈥� Keraudy said.
鈥淲hile there may very little difference between the EU GDPR and the proposed UK GDPR, it is certainly something we will need to monitor over the longer term.
鈥淥rganisations that process personal data should continue to comply with the requirements of the EU as significant parts of the UK鈥檚 international data flows are with EU companies.
鈥淯K companies will continue to be required to comply with both regulatory bodies. Given the continued collaboration and cooperation that is necessary, we believe that organisations within the UK will fully benefit from the services CybelAngel deliver.鈥�