European CyberTech Startup Deal Volume to Fall 12% In 2022

For the third quarter of 2022, there were a total of 13 CyberTech seed agreements in Europe, a 41% decrease from the second quarter. In the first three quarters of 2022, European CyberTech businesses announced 44 seed transactions, bringing forecasts for the year to 59 deals, a 12% decrease from 2021 levels.

Gyala, a supplier of cyber security solutions, raised $5.1 million in Q3 2022, with CDP Venture Capital serving as the deal’s lead investor. The funds obtained will be used to carry out the business plan, which involves expanding the team’s size, particularly in research and development, and supporting significant marketing expenditures to increase the company’s market presence. Gyala offers the Agger risk management solution, which enables incident management based on risk analysis. The risk management tool from Agger comes as a fully functional virtual machine.

The Cyber Resilience Act, which establishes a security-by-design methodology for all products with digital components, was proposed by the European Commission in September 2022. In order to encourage consumers to purchase linked items, manufacturers are required to fix vulnerabilities. The European Commission claims that by raising the standard for Internet of Things product security globally, the new cybersecurity rule will give European businesses a competitive edge. According to estimates from the EU executive, connected device vulnerabilities account for almost two-thirds of cyberattacks. When a product is introduced to the market, the maker is aware of more than half of the hazards.