.svg)
Cyber Upgrade has recently secured a pre-seed investment of EUR 650 from NGL 23 angel syndicate, venture capital fund FIRSTPICK and other angel investors, a move that propels the development of a wide array of security tools designed for SMEs and financial technology companies, enhancing their defense mechanisms against complex cyber threats.
Lithuania-based start-up's platform stands out for its unique gamification approach and includes an AI-powered chatbot that serves as a virtual cybersecurity consultant, assisting businesses in adopting essential cybersecurity measures.
The company is led by Aurimas Bakas and Andrius Minkevičius, who previously co-founded Paysolut and transitioned it to SumUp following a fruitful partnership. Bakas, the CEO, highlighted that the investment would fuel growth and the development of advanced technologies to counteract emerging cybersecurity threats. He emphasized the founders' extensive experience in securing banking infrastructures at Paysolut, which they are leveraging to ensure Cyber Upgrade becomes a frontline defense in cybersecurity.
Cyber Upgrade is crafting an AI-enabled, dynamic platform designed to meet the cybersecurity requirements of SMEs, focusing on ease of access and inclusivity. The platform's gamification aspect, including an AI chatbot acting as a virtual cybersecurity advisor, aims to engage SMEs in implementing practical cybersecurity solutions actively. It also incorporates educational elements through a game-like interface to keep teams informed about the latest cybersecurity measures.
The pre-seed funding will accelerate Cyber Upgrade's development, enhance its visibility in the market, and refine its offerings to better meet market demands. The company's immediate focus includes advancing its AI chatbot, enriching the platform's dashboard for a comprehensive overview of events, and planning to introduce new features such as phishing simulations, a "panic button" for immediate crises, and nano services for extended security measures, making premium security solutions accessible to SMEs.
At NGL we invest in startups via investment syndicates because there are many benefits of sharing competences, risks, and costs when investing in startups. First of all, it helps attract more and better deal flow due to the combined larger ticket. It also allows angels to invest smaller sums per startup, making more deals, building a portfolio, and diversifying. We also make collective analysis and decisions leveraging the expertise of our investor group.