Cyscale, a Romanian startup that develops security solutions for data saved in the cloud, has raised €350K in less than four hours after the company listed on SeedBlink, with contribution also from Transylvania Angels Network. Cyscale succeeded in raising €50K more than the €300K initially targeted.
Cyscale, founded in 2018 by Ovidiu Cical, Manuela Țicudean, Laura Cical and Andrei Milaș, develops protection software solutions for information saved in the cloud and performs risk analysis of this data. Cyscale’s goal is to help companies to be more competitive due to information protection and digitalization. The startup from Cluj-Napoca currently has over 50 B2B clients, most of them belonging to the IT field, and aims to reach over 1000 customers in 2025.
Of this €300K round, €200K came from SeedBlink investors and €100K from the GapMinder VC fund. The funds will be invested over the next 12 months in the development of the technical and marketing and sales team, but also for global expansion, mainly in the US, Germany, England and the Netherlands.
The financing round through SeedBlink is the second for Cyscale, with its first, worth €100K, being raised last year. This amount was invested by the GapMinder investment fund following the Techcelerator acceleration programme. The four co-founders also invested about €100K in the two years since the launch of the company.
Currently, Cyscale is worth about €2 million, but with the new round of investment, the company’s value rises to €2.3 million euros, according to Cyscale officials. They also expect that in 2023 the value of the company could be €30 million, 15 times higher than at present.
The startup’s future plans also include applying for €2.83 million in European grants under the Horizon 2020 programme, for research and development, and starting in 2021, it aims to register (abroad) three patents in the area of cloud technology.
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