Uniqkey, the Denmark-based cybersecurity firm, has successfully secured €5.35m in funding to expand its robust cybersecurity solutions across Europe.
According to Tech EU, the investment aims to bolster the resilience of companies against cyber threats and data theft, a critical need given the current security risks faced by small and medium enterprises (SMEs) across the continent.
The funding round was led by BackingMinds, with additional contributions from industry veterans like Jesper Zerlang (former CEO of Logpoint), Lars Ankjer, Otto Krabbe, Rolf Bladt, and several other well-known angels and key employees. This financial backing marks a significant step forward in Uniqkey’s mission to safeguard European businesses.
Uniqkey is dedicated to improving IT security within SMEs, which comprise 99.8 percent of all companies in Europe. With about half of these companies lacking a cybersecurity plan, Uniqkey’s solution comes at a crucial time. Especially as Europe prepares for stricter regulations such as NIS2 and DORA, which will hold directors and boards accountable for IT security lapses.
The company’s solution centres on providing military-grade, encrypted password protection at the individual employee level, significantly enhancing each company’s defence against cyber attacks and data theft. According to Uniqkey, 81 percent of data thefts and cyber attacks result from improper password handling, making their focus on secure and manageable password systems via a mobile app, akin to local ID apps like Denmark’s MitID or Sweden’s BankID, both timely and essential.
Hakan Yagci, CEO and founder of Uniqkey, highlighted the centrality of mobile technology in their security strategy: “Today, everybody’s got a mobile phone. Mobile phones have become an essential way we access our everyday life online. That is exactly why we’ve made the mobile phone central to Uniqkey’s security solution, and a big part of why we’re seeing great demand for our solution. In the same fashion as mobile apps have changed the way we send money instantly or access our bank accounts, Uniqkey will change the way we access systems internally within the company – easy, fast and secure.”
With this new capital, Uniqkey plans to continue its growth trajectory and maintain adherence to the latest safety standards, already protecting over 500 SMEs across Europe and experiencing a 100 percent year-over-year growth over the past two years.
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