Lithuania-based cybersecurity startup, Cyber Upgrade, has successfully secured €650,000 in pre-seed funding to bolster its mission of providing inclusive and accessible cybersecurity solutions for small and medium-sized enterprises (SMEs) and FinTech companies.
The investment round saw participation from venture capital firms FIRSTPICK, NGL Ventures, and several notable business angels.
Cyber Upgrade, led by Aurimas Bakas and Andrius Minkevičius, former co-founders of Paysolut, a core banking system provider acquired by SumUp, aims to revolutionise cybersecurity for SMEs and FinTechs.
Bakas, CEO at Cyber Upgrade, explained, “This investment opens exciting growth opportunities, allowing us to develop the latest technologies into next-generation operational level defences against emerging cybersecurity threats. In ten years of building critical banking infrastructures at Paysolut, we learned a great deal about securing and strengthening banking systems against cyber attacks. We are now in a position to combine our years of experience with all the latest AI-driven solutions to make Cyber Upgrade the first line of defence in cybersecurity.”
The core focus of Cyber Upgrade lies in the development of a dynamic AI-driven platform tailored to meet the specific cybersecurity needs of SMEs.
The platform, designed to be inclusive and accessible, incorporates gamification elements and an AI chatbot to guide SMEs in implementing real-world cybersecurity solutions. Additionally, an interactive interface facilitates ongoing training to keep team members abreast of the latest cybersecurity practices.
Beyond SMEs, Cyber Upgrade’s platform offers valuable tools for established fintechs, empowering Chief Information Security Officers (CISOs) to monitor and manage in-house cybersecurity processes while ensuring regulatory compliance.
As cybersecurity regulations continue to evolve, including frameworks like DORA, MiCA, and NIS2, fintechs are increasingly seeking future-proof solutions to mitigate threats effectively.
The recent funding infusion will accelerate Cyber Upgrade’s development efforts, enhancing product refinement and market visibility.
The company’s roadmap includes further advancements in AI technology, improvements to the platform dashboard for streamlined event management, and the introduction of new features such as phishing drills and enhanced security coverage options.
“You can build great cyber defense lines, but if your team is not on board, then willingly or unwillingly there will be a weak link somewhere in the chain,” Bakas explains. “Our goal is to provide companies with a comprehensive set of tools that bring everyone into the process, making high-level security manageable, simple to navigate, and available at an affordable price.”
Looking ahead, Cyber Upgrade remains committed to delivering innovative cybersecurity solutions, with plans to introduce premium offerings like nano services for enhanced security coverage, catering to the evolving needs of SMEs and fintechs alike.
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