Predictive cybersecurity startup BforeAI has just secured a significant funding round of $15 million. The company, founded in late 2020, offers a suite of predictive cybersecurity software that aims to identify and prevent cyberattacks before they occur. With its advanced AI-driven solution, BforeAI analyzes internet movements and network data to detect malicious behaviors and signals. By predicting and thwarting cyberattacks weeks in advance, BforeAI allows its clients to avoid communicating with identified malicious servers.
The startup, based in Lunel, France, was founded by Luigi Lenguito, along with Argentinians Luciano Allegro and Sebastian Cesario, all of whom have expertise in predictive technology protected by four patents. BforeAI primarily targets large companies like Philips, banks such as Volksbank, and popular brands like Primark and Dunkin Donuts. These are the businesses most at risk of cyberattacks, making BforeAI’s solution particularly crucial for their protection.
Lenguito describes BforeAI as “just one tool among others” that secures a company’s network, but with the advantage of speed and anticipation. In a report by Cybermalveillance.gouv.fr, a French government agency that assists companies affected by cybercrime, it was noted that account hacking, phishing, and ransomware attacks were among the most common threats. However, threats like false wire transfers, website defacement, and denial of service attacks have also seen significant increases.
As such, BforeAI has been experiencing rapid growth. The company currently employs 54 workers from 24 different countries, who are fully distributed across the globe. Lenguito proudly reports that BforeAI generated 2 million euros in recurring revenue in 2023, with a remarkable 500% growth rate. Since the beginning of 2024, they have already seen a 50% increase. The majority of their clients are based in the United States, accounting for 90% of their revenue.
To support its expansion and future developments, BforeAI recently closed a second funding round. They raised 15 million dollars from both existing and new investors, including SYN Ventures, an American venture capital firm specializing in cybersecurity investments. This marks SYN Ventures' first investment outside of the United States and Israel, demonstrating their confidence in BforeAI’s potential. The funding will be used to establish a sales and marketing team on the East Coast of the United States, particularly in New York. BforeAI has mostly relied on direct sales until now. Additionally, they plan to invest around 2 million euros annually in research and development, improving their technology and adapting it to address emerging risks like video deepfakes and disinformation.
The rise of generative AI technology, which enables the creation of highly realistic videos by combining face images and voice samples, has raised concerns about the potential for fraud and misinformation. Microsoft, for example, has recently developed an AI-powered system that can create convincing “talking face” videos. Brands, in particular, are vulnerable to misinformation spread through social networks, making this an issue of interest. Consequently, BforeAI aims to recruit additional employees and anticipates reaching a workforce of around one hundred by the end of 2024, including a specialized team for research and development.
In an ever-evolving cyber threat landscape, the demand for advanced cybersecurity solutions continues to grow. BforeAI’s innovative approach to predictive cybersecurity positions them as a key player in the industry. With their recent funding success and plans for expansion, it is clear that BforeAI is well-positioned to continue making significant strides in the field of cybersecurity, ensuring businesses around the world stay protected from emerging cyber threats.
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