Enginsight, an experienced German provider of an all-in-one cybersecurity platform for SMEs, has successfully completed a new financing round led by UVC Partners.
Among the co-investors is Carsten Maschmeyer, who is once again investing in the startup with his seed+speed fund. With the fresh capital of €6 million, the company intends to pursue its mission of protecting German SMEs from the growing threat of cyber attacks even more intensively.
Small and medium-sized enterprises (SMEs), which make up 99.4 percent of the German economy, are particularly vulnerable to cyberattacks as they often lack the necessary resources and expertise to protect themselves against increasingly complex threats. According to the annual report on the state of IT security in Germany published by the German Federal Office for Information Security (BSI), cyberattacks caused damage amounting to 203 billion euros in 2022 alone. It is no wonder that a wide range of situation reports call for more commitment to cybersecurity – both from politicians and organizations.
Enginsight’s solutions are aimed precisely at those who are most affected by the threat. With its innovative platform, the company aims to protect SMEs from the economic damage caused by such attacks. SMEs of all sizes and from all sectors – from the tax consultant around the corner to companies with 10,000 employees – can benefit from the offering.
“Our aim is to relieve the burden on IT managers in SMEs and give them the necessary transparency and control over their networks,” explains Mario Jandeck, co-founder and CEO of Enginsight. “Around 21,000 IT systems are successfully attacked every day – a huge threat considering how sensitive and important company data is. With our holistic approach, which is based on attack detection and defense as well as automated response to attacks, companies can act proactively and protect themselves.”
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Urgent need for action on security gaps in SMEs
Despite the growing threat situation, too few SMEs have stepped up their security measures. Empirical surveys by the consulting firm Deloitte showed that it took 53% of respondents up to seven days to detect a cyberattack. The lack of speed of response is no less serious than the fact that only 62% of micro-enterprises have regularly installed security updates and just 18% have an emergency plan at all.
“These generally known deficits increase the danger, as cybercriminals are increasingly targeting SMEs. With our automated end-to-end solution, we are declaring war on the attackers and enabling SMEs to comprehensively restructure their IT landscape and prepare for the future,” explains Max Tarantik, COO of Enginsight.
Cybersecurity “Made in Germany” for SMEs
Enginsight relies on a solution developed 100% in Germany that is specifically tailored to the needs of German SMEs. Andreas Unseld, General Partner at UVC Partners: “From our perspective, the lack of holistic solutions that are affordable and quick to implement is the biggest hurdle for many SMEs. Enginsight’s customers benefit from a pre-configured platform that is usually implemented and operational within a day.
The company combines attack detection, monitoring and response in a single system – without the use of multiple isolated tools. This is precisely why we believe that Enginsight’s offering is in tune with the times.”
“The availability of IT security specialists in particular is a perpetual bottleneck for SMEs. Enginsight closes this gap, as the solutions can be operated by specialists without any major additional time expenditure. For this reason, Enginsight is ideal for IT service companies that work with SME customers,” says Jakob Banhardt, Investment Manager at UVC Partners.
“We are proud of how Enginsight has expanded and improved its product portfolio in recent years. It is not only large companies that are increasingly at the center of cyberattacks; SMEs and smaller companies are also being forced to seriously protect their software and hardware systems. Enginsight provides business and administration with an all-in-one security platform plus support and consulting that offers all-round protection made in Germany,” adds Alexander Kölpin, Investor and Managing Director at seed + speed Ventures.
Future strategy: Growth and Expansion
With the new financing round, Enginsight plans to expand its market leadership in the DACH region and also establish itself internationally. The focus is on targeted branding campaigns, the expansion of sales and the development of new partnerships. At the same time, the software will be further developed in order to continuously optimize protection for SMEs and keep it fit for the future.
About Enginsight
Enginsight offers the perfect cybersecurity solution for SMEs. Founded in Jena in 2017, the software, which was developed entirely in-house, is now used by numerous SMEs and is particularly popular with IT service providers. They use Enginsight to determine the maturity level of their customers’ IT security and to proactively detect and block attacks. Following the approach of “making the invisible visible” and “making the insecure secure”, Enginsight focuses on transparency and automation when it comes to IT security.
The aim is to eliminate the “human factor in IT security”, which is at the forefront of many cyber attacks. With Security 100% Made in Germany, Enginsight is pursuing the vision of making SMEs secure effectively and sustainably with its technologically leading solution. Further information can be found at www.enginsight.com.
About UVC Partners
UVC Partners is a leading venture capital firm investing in European B2B tech startups with offices in Munich and Berlin. With more than 600 million euros in assets under management, UVC Partners typically invests between 1 and 10 million euros initially and up to 30 million euros per startup in the areas of DeepTech, ClimateTech, Mobility and Software/AI. As an independent partner of UnternehmerTUM, Europe’s leading startup ecosystem, UVC Partners has unique access to proprietary deal flow, more than 1,000 companies and SMEs as well as talent from the Technical University of Munich, one of the best technical universities in Europe.
UVC Partners’ investments include Flix, Isar Aerospace, planqc, Proxima Fusion, Reverion, Tacto, TWAICE, DeepDrive, STABL and many more. All portfolio companies and founders benefit from the team’s extensive investment and exit experience, ability to build sustainable industry leaders and UnternehmerTUM’s network, especially to accelerate market entry. Further information can be found at www.uvcpartners.com.
