Estonia’s DFIR leader Binalyze clinches $19m in Series A financing


Estonia-based Binalyze, a DFIR firm, unveiled on Tuesday its impressive achievement of raising $19m in a Series A funding round.

The company has introduced its flagship DFIR suite, known as AIR. This state-of-the-art offering encompasses evidence acquisition, compromise assessment, triage, a detailed investigation timeline, and even provides automated forensics capabilities. Delving deeper into its technical prowess, the AIR platform utilises its unique incident response evidence collector (IREC) engine.

This cutting-edge engine can harvest digital forensic evidence from any network endpoint. Remarkably, it can gather over 350 distinct types of evidence in less than 10 minutes, Binalyze highlights.

This fresh injection of capital, which pushes the total fund collection by Binalyze to $30.5m, saw leadership from Molten Ventures. The funding round also witnessed contributions from several prominent names, including Earlybird Digital East, OpenOcean, Cisco Investments, Citi Ventures, and Deutsche Bank Corporate Venture Capital.

With this new windfall, Binalyze has ambitious plans on the horizon. The firm aims to channel these funds into Research & Development, particularly infusing AI/ML into their incident response procedure. Additionally, they’re keen on expanding market outreach and enhancing their customer support services. Furthermore, it’s evident that the funds are already being put to good use.

The imminent launch of Binalyze AIR 4.0 and the brand-new Investigation Hub, which serves as the core of the company’s DFIR platform, stands testament. This hub promises to empower security analysts and incident responders, enabling them to probe hundreds of devices via a singular, consolidated dashboard.

Edel Coen, a principal at Molten Ventures, shared her insights on the development. “Investigation speed post-incident is pivotal. Regrettably, it has often been thwarted by market fragmentation and intricate IT systems. Binalyze revolutionises this paradigm, delivering swift outcomes through superior automation and a versatile platform. Observing this innovation, especially after a cyber attack, redefines the game for SOCs. We’re elated to rally behind Binalyze as they reshape the DFIR industry,” she remarked.

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