Cybersecurity startup based in Coimbra ETHIACK has raised €4 million in seed funding to accelerate the development of its AI-based solutions and expand its international presence.
The round was led by Explorer Investments, with investors including CoreAngels, Paulo Marques, Startup Wise Guys, Aralab, Amena Ventures and Start Ventures.
Jorge Monteiro, CEO of ETHIACK, underlined the “the importance of these partners who, thanks to their experience, will help us grow and meet the challenges of growth and internationalization. »
Founded in 2022 by “ethical hackers” André Baptista, Jorge Monteiro and Vitor Pinho, the startup combines human expertise with AI to provide continuous security testing for digital assets.
In just two years, ETHIACK achieved 1 million euros in turnover with a customer portfolio spread across nine countries. Its platform, which identifies vulnerabilities in digital systems in real time, is recognized worldwide.
Among its accolades, ETHIACK was named WebSummit’s Most Promising Startup, won Portugal’s National Innovation Award, and was selected for Google’s AI for Cybersecurity Growth Academy. Co-founder André Baptista, a cybersecurity expert, won the title of Most Valuable Hacker for the second time this year, a feat accomplished by only five people worldwide.
ETHIACK’s technology has tested more than 150,000 digital assets to date, detecting critical vulnerabilities in approximately 20% of high-priority systems last year. Its methodology combines manual penetration testing with automated tools to meet strict cybersecurity regulations such as CRA, DORA and NIS2.
The new funding will be used to launch the next generation of ETHIACK’s automated continuous penetration testing technology.
The centerpiece of this evolution is the introduction of AI-based hackbots, capable of simulating the methods of “ethical hackers” 24 hours a day. These advanced bots will assess interrelated attack surfaces, identify complex vulnerabilities and generate compliance reporting to help businesses adapt to ever-changing digital security standards.
The company also aims to expand its presence in new markets, starting with the UK and Europe, while exploring opportunities in the US and the Middle East.
Explorer Investmentswho led the round, remarked: “As the leader of this investment round at ETHIACK, we underscore Explorer Investments’ commitment to supporting visionary founders and transformative companies facing the challenges of the digital age. ETHIACK’s pioneering approach, which combines artificial intelligence and ethical hacking, represents an innovative approach to cybersecurity, perfectly in line with our mission to promote scalable and high-impact solutions. We are excited to lead this partnership and confident in ETHIACK’s potential to set new standards in digital asset protection and expand its global presence.
Paulo Marquesone of the investors, added: “It is with great enthusiasm that I participate as an investor in this investment round of ETHIACK. The use of artificial intelligence for ethical hacking represents a disruptive innovation in protecting businesses and their critical assets against cybercrime. In my experience, ETHIACK’s technology is extremely well positioned to make a fundamental difference in the cybersecurity ecosystem globally.
“As fintech investors, we are closely monitoring the preparations of financial entities to meet the requirements imposed by the Digital Operational Resilience Act (DORA) in the EU,” added Starting Businesses. “Ethiack’s solution will be crucial to enabling comprehensive and continuous testing. We believe they are well-positioned to become the industry standard, and we are excited to support them on their journey!“
