Focus: Growth
Enginsight, an experienced German provider of an all-in-one cybersecurity platform for SMEs, has successfully closed a new financing round led by UVC Partners. The co-investors include Carsten Maschmeyer with his seed+speed fund as well as bm-t beteiligungsmanagement thüringen GmbH, Brandenburg VENTURES GmbH, Smart Infrastructure Ventures and Talanx AG. With the fresh capital of €6 million, the company intends to pursue its mission to protect German SMEs from the growing threat of cyber attacks even more intensively.
SMEs comprise 99.4% of the German economy and are particularly vulnerable to cyberattacks due to their lack of resources and expertise to defend against increasingly sophisticated threats. Such cyberattacks caused damages of €203 billion in Germany in 2022, according to the annual IT security report by the Federal Office for Information Security (BSI). Unsurprisingly, various reports call for increased cybersecurity engagement from policymakers and organizations. Enginsight focuses its solutions on those most affected by this danger. The company’s innovative platform aims to shield SMEs from the financial damage these attacks can cause. Businesses of all sizes and industries – from small accounting firms to companies with 10,000 employees – can benefit from this offering.
“Our goal is to ease the burden on IT managers in SMEs and provide them with the transparency and control they need over their networks,” says Mario Jandeck, co-founder and CEO of Enginsight. “Every day, about 70 new vulnerabilities are discovered in software products – a massive threat, especially considering the sensitivity and importance of business data. With our holistic approach, which focuses on threat detection, prevention, and automated vulnerability management, companies can act proactively to protect themselves.”
Urgent Need for Action: Vulnerabilities in SMEs
Despite the growing threat, too few SMEs have stepped up their security efforts. A 2019 empirical study revealed that 53% of respondents took up to seven days to detect a cyberattack. This slow response is as concerning as the fact that only 62% of small businesses regularly install security updates, and just 18% have an emergency response plan in place. “These well-known deficits increase the risk, as cybercriminals even more frequently target SMEs. With our automated, all-in-one solution, we’re fighting against attackers and empowering SMEs to restructure their IT infrastructure and prepare for the future,” explains Max Tarantik, co-founder and COO of Enginsight.
Cybersecurity “Made in Germany” for SMEs
Enginsight relies on a solution developed 100 percent in Germany that is specifically tailored to the needs of German SMEs. Andreas Unseld, General Partner at UVC Partner: “From our perspective, the lack of holistic solutions that are affordable and quick to implement is the biggest hurdle for many medium-sized companies. Enginsight customers benefit from a pre-configured platform that is typically implemented and up and running within a day. The company combines intrusion detection, monitoring and response in a single system – without the use of several isolated tools. This is exactly why we believe that Enginsight has its finger on the pulse of the times with its offering.”
“The availability of IT security specialists in particular is a constant bottleneck for SMEs. Enginsight closes this gap, as the solutions can be operated by specialists without spending much additional time. For this reason, Enginsight is particularly valuable for IT service companies that work with SME customers,” says Jakob Banhardt, Investment Manager at UVC Partners.
“We are proud of how Enginsight has expanded and improved its product portfolio in recent years. It is not only large companies that are increasingly at the center of cyber attacks; SMEs and smaller companies are also being forced to seriously protect their software and hardware systems. Enginsight provides business and administration with an all-in-one security platform plus support and consulting that offers all-round protection made in Germany,” adds Alexander Kölpin, Investor and Managing Director at seed + speed Ventures.
Growth and Expansion: A Future Strategy
With this latest funding round, Enginsight plans to expand its market leadership in the DACH region (Germany, Austria, Switzerland) and establish a foothold internationally. The focus will be on targeted branding campaigns, expanding the sales team, and developing new partnerships. Simultaneously, the software will continue to evolve to ensure that it provides SMEs with optimized, future-ready protection.
1 Source: Report on the State of IT Security in Germany: https://www.bsi.bund.de/SharedDocs/Downloads/DE/BSI/Publikationen/Lageberichte/Lagebericht2023.html?nn=129410
2 Source: Situation Report Cybersecurity: ENISA FORESIGHT CYBERSECURITY THREATS FOR 2030 – UPDATE: https://www.enisa.europa.eu/publications/enisa-foresight-cybersecurity-threats-for-2030
About UVC Partners
UVC Partners is a leading venture capital firm that invests in European B2B tech startups and has offices in Munich and Berlin. With more than €600 million in assets under management, the VC typically invests between €1 to €10 million initially and up to €30 million per startup in the areas of DeepTech, ClimateTech, Mobility, and Software/AI. As an independent partner of UnternehmerTUM, Europe’s leading startup hub, UVC Partners has unique access to proprietary deal flow, more than 1,000 corporates and SMEs, as well as to talents from the Technical University of Munich, which belongs to the best European technical universities. UVC Partners’ investment portfolio includes Flix, Isar Aerospace, planqc, Proxima Fusion, Reverion, Tacto, TWAICE, DeepDrive, STABL, and many more. All portfolio companies and founders benefit from the team’s extensive investment and exit experience, their ability to build sustainable category leaders, and the network of UnternehmerTUM enabling them to speed up market entry.
Learn more at www.uvcpartners.com.
Über Enginsight
Enginsight bietet die perfekte Cybersecurity-Lösung für den Mittelstand. 2017 in Jena gegründet, ist die komplett inhouse entwickelte Software inzwischen bei zahlreichen KMU im Einsatz und erfreut sich insbesondere bei IT-Dienstleistern großer Beliebtheit. Diese nutzen Enginsight, um den Reifegrad der IT-Sicherheit ihrer Kunden zu ermitteln und proaktiv tätig zu werden sowie Angriffe zu detektieren und zu blocken. Nach dem Ansatz „Unsichtbares sichtbar“ und „Unsicheres sicher machen“ stehen für Enginsight hierbei Transparenz und Automatisierung in puncto IT-Security im Vordergrund. Der „Human Factor in IT-Security“, der bei vielen Cyberangriffen im Vordergrund steht, soll dabei eliminiert werden. Mit Security 100 % Made in Germany verfolgt Enginsight die Vision, mit seiner technologisch führenden Lösung den Mittelstand wirksam und nachhaltig sicher zu machen.
Press:
Patricia Brumme
Head of Marketing PR
patricia.brumme[at]enginsight.com
*For the sake of legibility, we do not use gender-appropriate spelling; However, we explicitly point out at this point that “customer”, “partner”, etc. includes all gender identities.
