Cyber risk crew Cyberhedge gets funding edge in Luxembourg
Cyberhedge, a cyber risk assessment firm for shareholders, is now receiving funding support from the Luxembourg Future Fund (LFF).
Financials details remain undisclosed.
“Cyber risk now impacts the value of company share prices and is an important topic both for company boards, as well as their largest investors, the global mutual fund asset managers”, says Cyberhedge founder and CEO, Ryan Dodd. “Partnering with the LFF made sense as Luxembourg is a global hub for asset management as well as at the heart of EU decision making for financial risk and oversight.”
Dodd adds: “The EU is clearly the global leader on cyber regulations (i.e. GDPR), with the rest of the world following. We want to provide tools to company boards and their investors to help better protect against and budget for cyber risks, especially as the regulatory environment evolves.”
The LFF has been set up by the Société Nationale de Crédit et d’Investissement (SNCI) and the European Investment Fund (EIF), who acts as an advisor to LFF. EIF is a member of the European Investment Bank Group.
The LFF, which focuses on investment opportunities “aiming at supporting the diversification of the economy of Luxembourg”, has selected Cyberhedge as one of its first direct investments.
The financing was part of a co-investment agreement with Paladin Capital, a cyber and technology focused private equity firm. Paladin is Cyberhedge’s lead investor.
The investment will help grow the team of artificial intelligence (AI), technology and financial experts in Cyberhedge’s R&D data science lab in Luxembourg, as well as the sales team.
EIF chief executive, Pier Luigi Gilibert says: “We will continue to focus on similar investments both in Luxembourg and across the EU to enable the next generation of disruptors to grow.”
LFF also has offices in Washington DC, and New York.