Binalyze, an Estonian startup developing cutting-edge solutions for Digital Forensics and Incident Response (DFIR), announced that it has raised $19 million in a Series A round. The funding was led by Molten Ventures with participation from existing investors Earlybird Digital East and OpenOcean, as well as new strategic investors: Cisco Investments, Citi Ventures, and Deutsche Bank Corporate Venture Capital.
Binalyze was founded in 2016 by Emre Tinaztepe to help investigators and analysts gather digital evidence, analyse it, and uncover valuable insights. Its journey began with the developing of Binalyzer, which allows to examine and analyse disk images, memory dumps, and other digital artefacts.
Battling the new dangers
The timing is just right for the new round, as the world sees a surge in cybercrime. To combat increasingly advanced cyberattacks, decreasing investigation times is essential. The IDC State of DFIR Report found that current investigations last an average of 26.1 days. Binalyze’s AIR platform is designed to reduce this time to just a few hours for enterprises and security providers.
“Binalyze changes the game by delivering rapid results through advanced automation and multi-platform support,” said Edel Coen, Principal at Molten Ventures. With the new funding, Binalyze wants to build the most comprehensive end-to-end DFIR investigation platform, catering to both cloud and on-premise assets and making SOC teams more efficient and productive, especially when resources are limited.
It is worth noticing that Estonia has a strong cyber defence infrastructure that ranks third best globally. Despite seeing a record number of cyberattacks in 2022, including those from malicious state actors, they were repelled with minimum impact.
“Our investors recognise and support our goal to transform the DFIR space. Their confidence provides the opportunity to extend the potential of the platform to more organisations. This will encourage them to safeguard their valuable data and resources more effectively,” said Emre Tinaztepe, founder and CEO of Binalyze.
Binalyze has ambitious plans for its next phase of growth, which includes strengthening its market outreach team, intensifying research and development efforts by integrating Artificial Intelligence/Machine Learning (AI/ML) into incident response processes and expanding its global customer support.
Currently, Binalyze is gearing up for the upcoming October launch of Binalyze AIR 4.0 and its new Investigation Hub. The Investigation Hub, central to Binalyze’s user-friendly DFIR platform, will empower security analysts and incident responders to investigate across hundreds of devices from a single dashboard.