TIIN Capital closes two important investment deals
ECSO Member TIIN Capital has successfully closed two important investment deals: the first one with cybersecurity start-up Codean, and the second one with InsurTech company Eye Security.
Codean
Cybersecurity start-up Codean develops a toolbox for security experts in order to work two times faster. TIIN Capital’s Dutch Security TechFund and five experienced angel investors invest € 1 million which boosts the roll out of Codean’s product.
The amount of criminal hackers is growing. The cybersecurity industry has a lot of trouble to keep up with this trend. Arthur Tolsma, co-founder and CEO: “We employ security experts who help software developers with code review. We want to give them the best possible tools to work effectively. Those tools don’t exist. Codean has filled this gap by developing an unique toolbox. What we are seeing now is that there is no comparable product and that we have something within reach that has the potential to be deployed worldwide.”
The worldwide damage from cyber-attacks runs in the billions. Companies are looking for solutions, but there is too little manpower available. There are 450.000 security vacancies in the US. In fact, Microsoft started a project in October 2021 to train 250.000 cybersecurity professionals. The Codean toolbox that allows security experts to work twice as fast is therefore receiving positive reactions from the market. Although there are many fully automated security tools for software experts, they do not detect all essential vulnerabilities. The human security expert is still needed and cannot be replaced yet. Codean developed the toolbox for this security expert in order to be more efficient.
The fundamental innovation is the ability to place codemarks. This allows a security expert to mark code as ‘security-relevant’. By connecting these codemarks a vulnerable path through the codebase is marked. And that is the goal of a security expert: to find a path through which a criminal hacker can get in and find something valuable. Subsequently, with this knowledge, the software developer can make his code more secure. Because the review environment is in the cloud, security experts can also easily collaborate on a codebase and review each other’s codemarks. This combination of features makes the review environment unique worldwide and enables security experts to work more efficiently.
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InsurTech company Eye Security
TIIN Capital’s fund Dutch Security TechFund and Eye Security have announced that they have successfully closed a € 4.5 million investment round. The capital made available will be used to enable further growth and to further roll out the company’s services in Europe. Eye Security is the first cybersecurity company that relieves SMEs with a total package of solutions in the field of cybersecurity, combined with cyber insurance.
Worldwide, more and more insurers are withdrawing from the cyber domain because the risk of a cyber-attack cannot be controlled without the right security measures. This is where Eye Security sees opportunities to further differentiate its services. With the total package of Eye Security, companies are no longer uninsurable, because the combination of security measures drastically reduces the risk of an attack and also minimizes the impact. To remove the risks of cyber crime from the balance sheet completely, Eye Security will soon also insure the residual risk for its customers. By offering cyber insurance, Eye Security positions itself as the first European Insurtech in the field of cyber security.
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Source: TIIN Capital
