Tallinn-based fintech startup Binalyze has secured $19 million in Series A funding, with Molten Ventures leading the round and participation from existing investors, Earlybird Digital East and OpenOcean, along with strategic newcomers like Cisco Investments, Citi Ventures, and Deutsche Bank Corporate Venture Capital. Binalyze is a cybersecurity company specializing in developing advanced Digital Forensics and Incident Response (DFIR) solutions that automate and streamline the investigation and response to cyber threats, enhancing organizations’ ability to protect their critical assets. This funding is aimed at accelerating Binalyze’s growth and the development of its Digital Forensics and Incident Response (DFIR) platform, which addresses the critical need for quicker and more efficient cybersecurity investigations. This investment will also support the integration of AI/ML into their incident response processes and the launch of Binalyze AIR 4.0 and the Investigation Hub, enhancing their DFIR capabilities and increasing efficiency for organizations worldwide.
With cyberattacks growing in sophistication and frequency, there is a critical need for efficient investigation solutions to reduce the average investigation time to just hours that will put Security Operations Center (SOC) teams back on the offensive. IDC, State of DFIR Report states that current investigations average 26.1 days. Binalyze’s state-of-the-art AIR platform addresses this need, enabling enterprises and managed security services providers (MSSPs) to leverage speed, automation, collaboration, and unmatched forensic visibility.
Edel Coen, Principal, Molten Ventures said: “Investigation speed post-incident is crucial, but has been hampered by market fragmentation and complex IT systems. Binalyze flips this on its head, with rapid results via advanced automation and multi-platform support. This is a game-changer for SOCs after an attack, and we’re thrilled to back the team as they transform the DFIR market.”
This significant investment will enable Binalyze to advance its mission to deliver the most comprehensive, end-to-end DFIR investigation platform on the market for cloud and on-premise assets, leveraging: lightning-fast speed, advanced automation and integration capabilities, and efficiency-driving collaboration features.
When combined, these capabilities dramatically shorten the time required to complete incident response investigations – making often resource-strapped SOC teams more efficient and productive.
“We are thrilled to have secured this substantial investment from such prestigious partners; the participation of Cisco, with its portfolio of cybersecurity solutions, along with the venture arms of Citi and Deutsche Bank, two global banking heavyweights, further underscores the credibility of our technology and team. We have a shared vision for managing cyberthreats, and this is reflected in the confidence our investors have placed in our ability to revolutionize the DFIR landscape,” said Emre Tinaztepe, Founder and CEO of Binalyze. “This investment will enable us to enhance our platform’s capabilities further and bring its benefits to even more organizations – ultimately helping them to protect their critical data and assets better.”
Binalyze plans to use this next phase of its growth to strengthen its market outreach team, further its R&D efforts by integrating Artificial Intelligence/Machine Learning (AI/ML) into incident response processes, and amplify its worldwide customer support.
The investment has already enabled the upcoming October launch of Binalyze AIR 4.0 and its brand new Investigation Hub. As the heart of Binalyze’s intuitive DFIR platform, the Investigation Hub will enable security analysts and incident responders to investigate across hundreds of devices from a single dashboard – increasing speed, visibility and efficiency.
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