EU financing to advance next-generation cyber security platform

EclecticIQ has obtained €15m worth of EU financing from the European Investment Bank to facilitate the development of a next-generation cyber security platform.

The European Investment Bank (EIB) has signed a financing deal worth €15m with EclecticIQ, a Dutch cyber security company, in order to help it enhance the research and development of its cyber security platform and expand internationally in a strategically significant and fast-growing market.

Developing a strong cyber security platform

“We’re pleased to receive this support from the EIB as part of its commitment to build a strong European ecosystem in cybersecurity. With this financing, we plan to accelerate the development of our unique cybersecurity platform, which helps organisations stay ahead of rapidly evolving threats and outmanoeuvre attackers,” commented Joep Gommers, CEO and co-founder of EclecticIQ. “By adopting our cybersecurity platform, organisations can detect cyber threats earlier, remediate them more rapidly, and scale up their analyst function.”

European Commissioner for the Economy Paolo Gentiloni added: “As more and more business operations move online, strengthening cybersecurity is becoming ever more important. This support from the EIB, backed by the Investment Plan for Europe, will help EclecticIQ to further grow its activity in this crucial sector, developing its product portfolio and offering clients suitable solutions to effectively counter cyber threats.”

EIB Vice-President Kris Peeters concluded: “Recent events show us how important it is not to neglect the digital security of companies and governments, but also of private persons. Data breaches and cyberespionage can lead to the theft of critical information such as trade secrets and technology. From ransomware attacks to computer viruses, there are many different threats that business leaders need to be aware of. In EclecticIQ, the EIB is financing a company that is developing a cutting-edge cybersecurity platform aimed at keeping data safe and society running – something we are happy to support.”

European Investment Bank financing

The EIB financing is supported by the European Commission via the European Fund for Strategic Investments (EFSI), the core pillar of the Investment Plan for Europe.

EFSI offers first loss guarantees, allowing the EIB to invest in more projects that frequently come with enhanced risk. The projects and agreements permitted for financing under EFSI have so far mobilised €546.5bn in investment, 25% of which is going towards research, development and innovation projects.

These projects will enhance the expansion and deployment of technology-intensive software and services in key areas and policy sectors for the European Union, such as cyber security.

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