Mubasher: Cyber risk monitoring and scoring startup Cypherleak has closed a $750,000 seed round to help drive its expansion across the Middle East and Africa (MEA) while working on inaugurating an African regional office in Morocco.
The firm secured the funding from investors based in Abu Dhabi, Morocco, and Qatar, including Maroc Numeric Fund II and Qatar Insurance Company, according to a press release.
Cypherleak, which was launched in April 2022, employs machine learning (ML) as well as advanced risk models to deliver customised security ratings upon different cyber risk factors.
The startup is part of Abu Dhabi’s global tech ecosystem Hub71, meanwhile, it has sold subscriptions to more than 1,000 corporate end-users in Europe and MEA, focusing on SMEs, often priced out of business cybersecurity products.
Founder and CEO of Cypherleak, Mohamed Amine Belarbi, said: "The funding injection will enable us to accelerate our expansion across the MEA region, fortifying our position as a leading player in the rapidly evolving field of cyber risk management and ratings.”
Belarbi added: “By being part of the Hub71 ecosystem, we have been able to gain access to a vast network of strategic investors. Through the backing of our new investors Cypherleak is well-positioned to continue developing cutting-edge technologies and delivering unparalleled cyber risk insights to businesses and organizations across the region and the world."
It is worth noting that the startup won the MENA Insurtech Summit 2023 which was held in Qatar’s Doha.