Baffin Bay Networks raises $6.4M Series A funding

Swedish cybersecurity startup Baffin Bay Networks has raised $6.4 million in Series A funding.

The round, led by the EQT Ventures fund, puts total investment in the cloud-first threat protection platform at $7.2 million since it was founded last year.

“We’re passionate about building a world-class threat protection platform – one that is easy to use for any company or service provider to protect their key assets and services,” said Baffin Bay Networks CEO, Joakim Sundberg.

The company says that its use of globally distributed ‘Threat Protection Centers’ and machine learning allows it to protect systems from a range of threats including DDoS, web app exploits, malware and more, from the IP layer up. As its customer base grows, the platform’s ability to learn from attacks will improve its capability to defend, creating a “herd immune system”.

Baffin Bay Networks currently operates via a partner network, with partners including Tieto, SecureLink, Advanced IP and Equinix. According to the company, the Series A investment will be used to further its international expansion.

“Cyber attacks are a growing problem – largely due to IoT – and getting more sophisticated,” said Ted Persson, operating partner and investment advisor to EQT Ventures. “Baffin Bay Networks’ offering is one of the few that integrates lower-level attacks (DDoS) with higher level attacks and shares the learnings in-between. The EQT Ventures team is incredibly impressed with the team’s cloud-first approach to cybersecurity, ensuring the herd immune system continually improves over time as more customers come on board. We’re looking forward to supporting the team on the next phase of its journey.”

Researcher, writer, recovering medievalist. Currently particularly interested in the cybersecurity solutions market, cyber insurance/risk modelling, and IoT security.

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