Copenhagen-based startup Muninn has raised €2.5 million in a seed round led by Swedish VC firm Luminar Ventures. The startup’s previous investor PreSeed Ventures also participated in the round. Muninn’s AI technologies enable companies to protect their critical digital assets and infrastructures from cyber-criminals. The funds will be used to grow both the product and go-to-market teams, in order to continue strengthening the product while accelerating growth.
“We are attracting Ph.Ds., post-docs, and students from elite, global universities, and strongly believe in the collaboration between academia and our business.”, Muninn Co-founder and CEO Andreas F. Wehowsky says.
Muninn specializes in developing innovative network monitoring and intrusion detection systems. With the latest advancements in artificial intelligence and machine learning Muninn detects cyber threats in near real-time by looking for suspicious anomalies in computer networks.
“We’ve witnessed a huge demand for Muninn’s technology in the market and this new investment enables us to grow at a higher rate to build on our success both domestically and internationally. We’ve tripled our revenue in just six months and expect to triple it again in the next 12,” says Muninn Co-founder and CEO Andreas F. Wehowsky.
“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.” says Luminar co-founding partner Jacob Key.
“When we first met Andreas, we met a founder with a rare background, deep knowledge of a rising problem, and an idea and expertise to solve it. And not much else. From that bare foundation, we’re now seeing a solution to global issues unfold. As early-stage investors, Muninn’s journey is exemplary of how much impact the right startups can achieve.” states GP of PreSeed Ventures’ fund PSV Tech01, Richard Breiter.
“Our machine learning approach to stopping data leakage by tracking hackers that sneak under the radar, minimizing false positives, and automatically suggesting actions to respond to threats, puts us at a significant advantage when compared to traditional cybersecurity tools.” states Andreas F. Wehowsky, CEO Muninn.