Cybersecurity startup Cytidel has secured €1.35 million in a seed round led by Elkstone Ventures and Enterprise Ireland.
The company specialises in helping companies rank, prioritise and fix security threats.
Cytidel said its risk prioritisation engine analyses several factors such as threat intelligence, critical revenue streams, and regulatory requirements.
Matthew Conlon, CEO and founder of Cytidel said every day cyber security professionals are faced with thousands of new security vulnerabilities.
"We developed a platform that helps them to get clarity from the noise, significantly improving their ability to identify and fix the cyber risks posing the greatest threat to their revenue streams," he said.
"In a world where cyber threats are increasing 25% year on year, Cytidel provides actionable insights and clear remediation guidance,'' he added.
Cytidel said this funding will enable the company to expand beyond its first suite of products, as they aim to further increase the efficiency and effectiveness of cyber security tools that can combat rising security threats.
Cytidel plans to use the funding to grow the engineering function, with the aim of up to 10 new hires in the next year.
Minister for Enterprise, Trade and Employment Simon Coveney said Ireland is at the forefront of development and innovation in the international cybersecurity sector.
"Irish tech companies have a growing reputation as being a global leader in the sector," he said.
"I want to commend Matthew and the team at Cytidel on its recent successful funding round. Today’s announcement is a significant milestone for this ambitious and dynamic company, which provides tangible solutions to help combat serious cyber threats to companies," he added.
