Finnish cybersecurity startup Xiphera raises €480k

The Espoo-based computer and network security startup Xiphera has raised €480,000 in a seed round. The anchor investor Gorilla Capital led the round, joined by two other institutional investors, to scale up the startup.

• Founded in 2017, Xiphera is designing hardware-based security solutions using standardized cryptographic algorithms. The startup claims to have cryptographic expertise, system design experience, and digital logic knowledge. This allows the customers to protect their critical information and assets more securely.
• Gorilla Capital, a Nordic VC fund based in Finland investing in early-stage companies, was one of the three leading investors in this seed round. The company makes about 25 investments annually, with a recent investment in Pandatron.
• The institutional investors Korpun Seed Ltd and Ääkköset Oy also participated in the round. Korpun Seed is a consortium of Finnish entrepreneurs and professional investors. It has invested over €72 million into 90 Finnish growth companies. Ääkköset Oy helps startups with productization to make a global impact.

“Cybersecurity is a big megatrend and we are proud to solve these problems together with Xiphera. Xiphera has a unique team with deep knowledge in the hardware-based security solutions,”

Matias Itkonen from Korpun Seed comments on the investment.

• The proceeds will support Xiphera’s generation of business growth and further international expansion.