Cypherleak, a startup specializing in cyber risk monitoring and scoring, has successfully closed a seed funding round by raising a substantial $750,000. This investment has been secured from a group of investors hailing from Abu Dhabi, Morocco, and Qatar from notable entities such as Maroc Numeric Fund II and Qatar Insurance Company have played a pivotal role in contributing to this funding, which is expected to fuel Cypherleak’s expansion across the Middle East and Africa (MEA) region.
Cypherleak has quickly risen in the cybersecurity industry since launch in April 2022. The startup has already garnered over 1,000 corporate end-users across Europe and MEA, primarily focusing on small and medium-sized enterprises (SMEs). One of its standout features is simplifying advanced risk monitoring, making it accessible for smaller companies that may lack extensive cybersecurity expertise. Cypherleak achieves this by using machine learning and advanced risk models to provide tailored security ratings based on various cyber risk factors, ultimately helping SMEs secure their digital infrastructure.
Mohamed Amine Belarbi, the Founder and CEO of Cypherleak, expressed his excitement saying: “The funding injection will enable us to accelerate our expansion across the MEA region, fortifying our position as a leading player in the rapidly evolving field of cyber risk management and ratings. By being part of the Hub71 ecosystem, we have been able to gain access to a vast network of strategic investors. Through the backing of our new investors Cypherleak is well-positioned to continue developing cutting-edge technologies and delivering unparalleled cyber risk insights to businesses and organizations across the region and the world.”
One of the notable applications of Cypherleak’s technology is in the domain of cyber insurance underwriting. The company’s cyber risk scoring empowers insurers to assess cyber risk accurately, potentially transforming how cyber insurance is underwritten in the MENA region. Additionally, Cypherleak’s cyber risk monitoring capabilities enable insurers to offer ongoing risk monitoring and mitigation services to their cyber-insured customers.
Cypherleak’s progress in the cybersecurity space was underscored when it was declared the winner of the MENA Insurtech Summit 2023 held in Doha, Qatar. This accolade further solidified the company’s relevance in the insurance sector, particularly concerning cyber insurance.
As Cypherleak continues to grow, it remains closely connected to Hub71, Abu Dhabi’s global tech ecosystem, which provides support and opportunities for startups at various stages of development. The company is also in the process of establishing an African regional office in Morocco, reflecting its commitment to expanding its reach and impact in the cybersecurity landscape.