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Muninn secures €2.5 million seed round led by Luminar Ventures, with existing backers PreSeed Ventures following on

Muninn secures €2.5 million seed round led by Luminar Ventures, with existing backers PreSeed Ventures following on

August 29, 2022

AI-driven cybersecurity platform Muninn, headquartered in Copenhagen, has secured a €2.5 million seed round led by Luminar Ventures, with previous investor PreSeed Ventures (PSV) participating. Muninn has experienced rapid growth in the last six months from both private and public customers, who are investing in fighting cyber threats using Muninn’s AI Detect and Prevent technologies. 

Cyber threats are a growing problem. Each year, around 37% of businesses are affected by ransomware, where a hacker takes a business’s data hostage and demands a ransom to release it. In Denmark alone, 6 out of 10 businesses are threatened every year. And more often than not, the businesses end up paying. According to IBM’s report covering 17 different countries and industries, the average cost of a data breach rose from US$3.86 million to US$4.24 million in 2021.

Muninn’s proactive threat detection system takes a unique approach to learning network behavior and reveals persistent threat actors before it’s too late. Uniquely, Muninn can proactively predict, track, and block network threats in real time, while precisely diagnosing the actions to take to prevent an intrusion.

“We’ve witnessed a huge demand for Muninn’s technology in the market and this new investment enables us to grow at a higher rate to build on our success both domestically and internationally. We’ve tripled our revenue in just six months and expect to triple it again in the next 12.” 

- Muninn Co-founder and CEO Andreas F. Wehowsky

“We invest in unique talents, and in Andreas, we have found a trailblazer that combines a very credible cyber security background, with a deep understanding of machine learning technologies.  The accelerating demand for threat detection and prevention tools is clear to see, particularly as companies and governments prepare for a new era of cybercrime, and a higher volume of real network threats. Muninn’s unique ability to predict and diagnose these threats, and automatically suggest which actions to take, is a total game-changer in this environment, as we can see in their propelling growth over the last 6-12 months.”

- Luminar co-founding partner Jacob Key

Founder background

Andreas Wehowsky originally founded Muninn with the Danish entrepreneur and investor Lars Thrane in 2016. Andreas is an M.I.T. computer science graduate who before founding Muninn built his experience in cybersecurity at the Danish Defense Intelligence Service, where he led a national project to build a new cyber defense for critical infrastructure across the country.

“When we first met Andreas, we met a founder with a rare background, deep knowledge of a rising problem, and an idea and expertise to solve it. And not much else. From that bare foundation, we’re now seeing a solution to global issues unfold. As early-stage investors, Muninn’s journey is exemplary of how much impact the right startups can achieve.”

- GP of PreSeed Ventures’ fund PSV Tech01, Richard Breiter

Traction

Besides doubling its customer base and tripling its revenue in the first six months of 2022, Muninn also won a large tender from the Danish Health Authority, competing against much larger and well-funded legacy cybersecurity vendors. The initial budget for the project is up to €15 million. 

What led to the investment

Muninn has attracted investors with its strong traction, highly ambitious yet deeply experienced team, and unique technology:

“Our machine learning approach to stopping data leakage by tracking hackers that sneak under the radar, minimizing false positives, and automatically suggesting actions to respond to threats, puts us at a significant advantage when compared to traditional cybersecurity tools.” 

- Andreas F. Wehowsky, CEO Muninn

 

How to deploy funds

The funds will be used to grow both the product and go-to-market teams, in order to continue strengthening the product while accelerating growth. “We are attracting Ph.Ds., post docs and students from elite, global universities, and strongly believe in the collaboration between academia and our business.”, Andreas says.