Lithuanian startup CyberUpgrade raises €650k in a pre-seed round

CyberUpgrade, a cyber security solutions provider, has raised €650,000 in a pre-seed investment. The round was led by business angel syndicate NGL, FIRSTPICK, and several other angels.

  • The founders of CyberUpgrade are Aurimas Bakas and Andrius Minkevičius, who previously developed the fintech startup Paysolut which was acquired by a Fintech unicorn SumUp. Lithuanian entrepreneurs Nojus Antanas Bendoraitis and Algirdas Stasiūnaitis also joined the CyberUpgrade founding team.
  • CyberUpgrade is a cyber security as a service startup aimed at helping traditional businesses, software owners, and tech companies to build their cyber security infrastructure. The startup offers security assessments, personnel awareness training, documents preparation, guidance in security tools integration, and much more.
  • CyberUpgrade’s platform also introduces an inventive feature with its AI chatbot, serving as a digital cybersecurity officer for its users. The solution leverages machine learning algorithms and predictive analytics to detect and mitigate potential threats before they become problematic.

Exited ex-Paysolut founders Aurimas and Andrius built the previous startup into a solid banking platform for Fintechs. Now, they’re building a B2B SaaS on a mission to make cyber security affordable to everyone,

Justinas Pasys, founder of NGL, commented on the startup.
  • The fresh round was backed by 23 angel investors from the NGL syndicate, which also offers business angel education and provides startup advisory boards.
  • FIRSTPICK, a VC fund and accelerator for tech startups in the Baltics, also joined the round with several undisclosed angel investors.

Thanks to the fresh funding, Cyber Upgrade will be able to continue developing and expanding its platform to help the clients protect their data, assets, and reputation.