AI-driven cybersecurity platform Muninn has raised €2.5m in its seed funding round, which was led by Luminar Ventures.
The round was also backed by previous investor PreSeed Ventures.
With the capital, the CyberTech company plans to bolster its product and go-to-market teams.
The AI-driven cybersecurity company has experienced strong growth over the past six months, including its revenue tripling. It is expecting the revenue to triple again over the next 12 months.
Muninn, which is based in Copenhagen, offers a proactive threat detection system that learns network behaviour and reveals persistent threat actors. It can proactively predict, track and block network threats in real-time, whilst precisely diagnosing the actions to take to prevent an intrusion.
Its website states, “In Norse mythology the raven Muninn oversees the world and reports important events back to the god Odin. The Muninn AI platform oversees your entire digital infrastructure and protects critical business assets from disruptive cyber-attacks.”
The AI-driven cybersecurity company claims that 37% of businesses are affected by ransomware each year. In Denmark alone, six out of ten businesses are threatened each year.
Speaking on the investment, Luminar co-founding partner Jacob Key said, “We invest in unique talents, and in Andreas, we have found a trailblazer that combines a very credible cyber security background, with a deep understanding of machine learning technologies.
“The accelerating demand for threat detection and prevention tools is clear to see, particularly as companies and governments prepare for a new era of cybercrime, and a higher volume of real network threats. Muninn’s unique ability to predict and diagnose these threats, and automatically suggest which actions to take, is a total game-changer in this environment, as we can see in their propelling growth over the last 6-12 months.”
Earlier in the year, fellow Danish FinTech company Vibrant raised €4m in its seed round. The company turns Android mobile devices into point-of-sale terminals.
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