TL;DR:
- Paris-based Qevlar AI raises €4.5 million in Seed round.
- Funding to support recruitment and enhance generative AI cybersecurity solutions.
- EQT Ventures leads the Seed round, joined by prominent angel investors.
- Cybercrime threats persist, with long detection times and AI-driven attacks on the rise.
- Qevlar AI offers an API solution for rapid automated security incident analysis.
- The company claims a 30% boost in cybersecurity efficiency and 90% time savings for alert investigations.
- Investment signifies the growing importance of AI in cybersecurity.
Main AI News:
Paris-based cybersecurity startup, Qevlar AI, has secured €4.5 million in a Seed round, with EQT Ventures at the helm of this strategic investment. The funding infusion will be channeled towards an extensive recruitment initiative and the continued refinement of their cutting-edge generative AI cybersecurity solution.
This €4.5 million Seed round boasted the leadership of EQT Ventures, joined by an impressive roster of angel investors. Notable names in this lineup include Olivier Pomel, the CEO of Datadog, Mehdi Ghissassi, Director of Product at Google DeepMind, and Florian Douetteau, CEO of Dataiku.
By the Metrics
To comprehend the magnitude of the enterprise-level cybercrime menace, consider the insights from Verizon, the American wireless network operator. Their 2019 data breach investigations report revealed a disconcerting fact: “A total of 56 percent of breaches took months or even years to detect – a significant sample size given the enormity of cyberspace that the 41,686 analyzed sites represent.”
In parallel, IBM’s research indicated that companies required an average of 206 days to identify a breach after its occurrence and an additional 73 days to effectively contain it.
The Escalating Challenge
The rise of generative AI has only exacerbated these statistics. Check Point Research, for instance, reported a year-on-year increase of 38% in cyberattacks in 2022.
Empowering AI in the Battle Against AI
In the realm of AI combat, Qevlar AI is leading the charge by offering companies an API solution that facilitates swift and automated analysis of potential security incidents. This innovation eradicates the bottleneck associated with manual intervention. Moreover, Qevlar AI’s solution can execute investigative tasks in under a minute, a task that would traditionally consume hours of human expert effort.
According to the company, businesses adopting Qevlar AI’s technology have realized remarkable results, including a 30 percent boost in cybersecurity operations efficiency and a staggering 90 percent reduction in the time required to investigate alerts.
EQT Ventures’ Julien Hobeika expressed his perspective on the investment: “We believe in the transformative power of AI to augment the capabilities of cybersecurity professionals and Security Operations Centers (SOCs). Qevlar AI’s innovative approach tackles the pressing challenges in SOC management, providing a promising solution to the ongoing pursuit of effective automation. Qevlar AI’s proprietary AI technology holds the promise of relieving analysts of burdens, minimizing human errors, and strengthening responses—a response that aligns with the crucial demands of our increasingly digital and security-conscious world.”
Conclusion:
The €4.5 million Seed round led by EQT Ventures in Qevlar AI underscores the escalating significance of AI in the cybersecurity landscape. With persistent cyber threats and the growing complexity of attacks, Qevlar AI’s innovative API solution is poised to transform the sector by significantly improving efficiency and response times in safeguarding digital assets. This investment signals a shift towards greater automation and reliance on AI for cybersecurity, reflecting the evolving needs of the increasingly digital and security-conscious market.
