BotGuard OÜ, a cyber firm based in Tallinn, Estonia, has announced a €12 million Series A funding round led by MMC Ventures.
According to EU Startups, joining the round were existing investors Tera Ventures and Expeditions Fund, alongside notable angel investors like Stefan Lindeberg. This injection of capital is poised to fuel the company’s technological advancement, bolster its tech development team, and enhance its global sales and marketing efforts.
At the heart of BotGuard OÜ’s mission is the protection of web hosting providers and their infrastructure from the nefarious activities of malicious bots. The internet is rife with these digital marauders, responsible for a host of cybercrimes including data theft, scams, and DDoS attacks. Despite the prevalence of beneficial bots in every major online system, the negative impact of their malevolent counterparts cannot be understated. Through its innovative cloud-based solution, BotGuard OÜ offers an effective, manageable, and platform-agnostic approach to web security, leveraging AI and other cutting-edge technologies to simplify implementation and reduce operational costs.
The newly secured funds are earmarked for further technological enhancement of BotGuard’s offerings. Specifically, the company aims to refine its platform to better serve its global clientele, recruit top-tier tech talent, and expand its reach through strategic sales and marketing initiatives. The goal is to democratise web security, making it accessible and affordable for small and medium-sized enterprises (SMEs) that have historically been underserved due to the high costs and complexities of existing solutions.
CEO and co-founder Nik Rozenberg highlighted the pressing need for affordable and effective web traffic management solutions for SMEs. He stressed the detrimental effects of malicious bots on businesses, particularly e-commerce platforms, and outlined BotGuard’s commitment to innovating and expanding its security solutions.
Supporting this sentiment, Mina Samaan, Partner at MMC Ventures, praised BotGuard’s impressive business model and AI-powered approach to combating advanced cyber threats. Stanislav Ivanov, Founding Partner at Tera Ventures, also commented on the vast market potential for BotGuard’s services and the strategic advantage of partnering with web hosting providers.
BotGuard OÜ was founded in 2019 by Nik Rozenberg and Denis Prochko, driven by their firsthand experiences with cyber threats. The company has since grown to serve clients in over 30 countries, backed by a team of seasoned executives from the tech industry.
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