Companies who have improperly secured their software or do not have the wherewithal to respond quickly to digital attacks are in the news almost daily. BitSensor aims to protect those companies. The startup from Eindhoven has raised 400.000 euro in an investment round led by Volta Ventures to further develop their security solution.
The company was founded by ethical hacker Ruben van Vreeland (21) and Alex Dings (20). They have developed new technologies which enable companies to get insight within 50 milliseconds about the security status of their applications and data. The financing will be used to expand the company behind the technology, with outstanding customer support as one of their main focus points.
BitSensor, operating out of Eindhoven, is the first company to fill a gap in the market of cybersecurity. Gartner states that eighty percent of successful cyberattacks nowadays take place on websites, web applications or mobile apps.
The accessibility of these sites and banking apps, with corresponding data, is key for their functioning. This, however, makes the services more vulnerable, and this is the problem facing many companies in the digital world. It is especially unfortunate that they can not be protected with a series of conventional solutions like an antivirus or firewall.
One of the co-founders of BitSensor, Ruben van Vreeland, states, “Cyberattacks which could have been stopped by our software make it to the news almost daily. Think of attacks from Russia, the Yahoo-leak with half a billion leaked passwords, or the V-tech kid’s toys which leaked many pictures of children using them . We report and secure against these attacks when they happen, not months after the fact. These necessary measures can be taken immediately to prevent more leaks.”
BitSensor has developed so-called self-protection technology, which is built into the application itself and stops hackers in their tracks. BitSensor software analyses trace evidence and generates reports. These reports contain the attack methods which were, for example, used to steal info or manipulate financial actions. BitSensor currently employs four people and expects to grow to employ twenty within two years.
Volta Ventures is impressed by the talent of the young team. “Many organizations still need to comply with the recently introduced law in regards to their duty of reporting data breaches. This is a place where we see a growing market potential and BitSensor has an unique, easy and quick solution to help health institutions, banks and software developers with their security”, according to Frank Maene from Volta Ventures. The Belgian vc firm accounts for 75 percent of the 400.000 euro invested in the start-up. Three Dutch business angels complete the funding.
The distinctiveness of the product and the entrepreneurial duo already caught some attention. In 2016 BitSensor received the NRC-Live price for CyberSecurity Startup of the Year; the IBM-prize for most promising Dutch startup; and was a top-10-finalist worldwide in the IBM SmartCamp- program in Silicon Valle