Netherlands-based cybersecurity company Eye Security has announced that it secured EUR 36 million in a Series B investment led by J.P. Morgan Growth Equity Partners .

As per the information detailed in the press release, in addition to J.P. Morgan’s input, the investment round saw participation from existing investors Bessemer Venture Partners and TIN Capital. The newly acquired funds are set to support Eye Security’s commitment to protect businesses across Europe.

Eye Security’s development strategy With its operations across Europe, Eye Security’s approach focuses on making enterprise-level, continuous cyber protection, incident response, and cyber insurance available to mid-market businesses. Currently, the company’s solutions are leveraged by customers across sectors ranging from automotive, manufacturing, healthcare, financial services, and information technology, among other industries. According to Eye Security’s officials, the fund injection aims to assist the company in extending its mission across Europe, providing its customers and strategic partners with improved security and experiences. The company intends to deepen its presence in existing markets, such as the Netherlands, Germany, and Belgium, while also expanding across select European countries in 2024.

By doing this, Eye Security solidifies its commitment to continuing the delivery of improved cybersecurity solutions that are leveraged by current clients. Despite Europe having a EUR 50 billion cybersecurity market, being projected to expand at a CAGR of approximately 10.8% until 2029, the majority of this spending is directed towards protecting large enterprise companies, which leaves many of the remaining 24.4 million organisations in the EU vulnerable to cybersecurity attacks. Furthermore, Eye Security aims to capitalise on its position on the upcoming tailwinds generated by the NIS2 directive issued by the European Union, with member states having to transport the regulation into their country’s national cybersecurity legislation by October 2024. The NIS2 directive develops strict cybersecurity breach reporting timelines for companies to their respective government authority.

Not complying can result in fines of up to EUR 10 million or 2% of the total annual worldwide sales in the company’s previous fiscal year. Representatives from Eye Security also underlined that, in the current landscape, where cyber threats are evolving, businesses find it difficult to have reliable cyber insurance. The company intends to mitigate these risks directly by developing a scalable platform that plans to solidify a business’ defences against cyber threats, while also providing insurance coverage. J.P.

Morgan Growth Equity Partners’ officials highlighted that the investment came as a response to Eye Security’s capabilities to offer mid-market companies advanced cybersecurity and insurance coverage at a decreased price point. Additionally, J.P. Morgan supports Eye Security as the company advances its commitment and expands its services across Europe.

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