US-based data security technology developer CybelAngel completed a $36m series B round yesterday featuring Open CNP, the corporate venturing arm of insurance firm CNP Assurances.
Venture capital and growth equity firm Prime Ventures led the round, which also included public investment bank BPIfrance and investment firm TempoCap.
CybelAngel has developed cybersecurity technology that employs machine learning to automatically search for sensitive data unintentionally leaked by enterprises on the internet.
The information is used to build reports that help organisations respond to data breaches, preventing damage to their brands’ reputation.
CybelAngel’s client base includes Fortune 500 companies across Europe and North America. The capital will drive international growth along with its technology pipeline and strategic partnerships.
Erwan Keraudy, CybelAngel’s chief executive, said: “The acceleration of digital transformation and the proliferation of connected devices has created an explosion of both malicious and negligent risks.
“This funding enables CybelAngel to expand globally to more countries and continue to innovate to protect enterprises’ most critical digital assets from costly data leaks. It will also support our expansion in North America where the demand for digital supply chain protection and third-party risk management is growing exponentially.”
Pieter Welten, partner at Prime Ventures, has joined CybelAngel’s board of directors in connection with the round, which brought the company’s total funding to $52m since it was founded in 2013.
BPIfrance and Serena Capital co-led CybelAngel’s $12m series A round in late 2018, after a $3.2m round backed by Serena Capital’s Serena Data Ventures fund the previous year.