Italian cybersecurity firm Exein sees defence boost as it closes funding round

Time of India

a day ago

Italian tech firm
Exein
said on Wednesday a pick up in European defence spending was supporting its domestic growth, as it closed a funding round aimed at global expansion.
The startup, which provides embedded
cybersecurity
on small devices including chips, is planning to expand its range of products as countries and businesses move away from cloud-based systems because of
data sovereignty
concerns and rising costs, its Chief Executive Gianni Cuozzo said.
Italy has been trying for years to foster a tech startup sector.
As European countries increase their defence spending in a push to meet NATO targets and protect themselves against Russian expansionism, demand for domestic cybersecurity and infrastructure protection systems is increasing.
Exein said on Wednesday its
Series C funding
round raised 70 million euros ($81 million) for expansion across the United States, Japan, Taiwan, and South Korea, and to strengthen its European presence.
Its plans include acquisitions in Europe and the U.S. to target new users, followed by another funding round for a "bigger acquisition", and a public listing between 2029 and 2030, Cuozzo said.
The group, whose clients include MediaTek, Daikin , Seco and Kontron, said in April it was valued at around 500 million euros.
It is targeting 20 million euros in revenues this year and aiming for triple-digit revenue growth in each of the next three years, helped by acquisitions, Cuozzo said.
Attackers "are no longer breaching through the front door; the microwave on a military ship, or the smart fish tank in a hospital waiting room - any one of these could be exploited to compromise the entire network," said Elena Moneta, Principal at London-based VC firm Balderton, which led the funding round.