- Series A led by EQT Ventures
- Baffin Bay Networks to invest in R&D and grow sales operations internationally
- Cybersecurity platform with advanced machine learning components
Swedish cybersecurity startup Baffin Bay Networks today announced the closing of a $6.4 million Series A round. The investment was led by the EQT Ventures fund (“EQT Ventures”) and the capital will be used for further international expansion, taking the company closer to creating a world-beating cybersecurity platform.
Baffin Bay Networks was founded in 2017 by cybersecurity experts who believe no organisation should be defenseless against advanced cybersecurity threats. The company offers an easy to use and accurate cloud-first threat protection platform that helps companies and service providers protect their key assets and services. Unlike other offerings, the platform has been developed with sophisticated machine learning components and enables the mitigation of attack from the IP layer up to the application layer, covering DDoS Attacks, web applications and threat protection. Being cloud-first, the product also improves continuously as more customers are added to the platform. Learnings from one attack are shared over both network layer and customer borders, creating a “herd immune system”.
“We’re passionate about building a world-class threat protection platform - one that is easy to use for any company or service provider to protect their key assets and services,” said Joakim Sundberg, CEO at Baffin Bay Networks. “To have EQT Ventures now join us on this journey is fantastic as the team has a lot of valuable experience in international scaling. This investment will support our expansion worldwide, the growth of our team and the continued R&D of our offering.”
“Cyber attacks are a growing problem - largely due to IoT - and getting more sophisticated,” said Ted Persson, operating partner and investment advisor to EQT Ventures. “Baffin Bay Networks’ offering is one of the few that integrates lower-level attacks (DDoS) with higher level attacks and shares the learnings in-between. The EQT Ventures team is incredibly impressed with the team’s cloud-first approach to cybersecurity, ensuring the herd immune system continually improves over time as more customers come on board. We’re looking forward to supporting the team on the next phase of its journey.”
Baffin Bay Networks is delivering its services via a strong partner network, including the leading Nordic services and software company Tieto. Baffin Bay Networks is already protecting critical infrastructure for a number of large organisations e.g. Bonnier News, Netnod and Swedish IRS, together with Swedish public cloud company ELASTX.