Start-up XFA secures capital round of half a million euro

We are thrilled to announce a significant milestone for XFA, our Antwerp-based B2B cybersecurity start-up specializing in device security. Thanks to the support of Flemish investment company PMV, Seeder Fund, and Investee, we have secured half a million euros to further expand our market presence and continue addressing the escalating challenges of cyber threats. Cybercrime is on the rise globally, with insecure devices often being the cause. The damage from cyberattacks is estimated at over 10.5 trillion dollars worldwide¹, increasing by about 15% each year. Belgian companies and governments are not exempt from this trend, facing significant financial and operational consequences. Microsoft recently confirmed that insecure devices are among the primary causes of security incidents. For instance, 80 to 90% of ransomware attacks (where hackers block data and demand ransom for recovery) are targeted at insecure devices². "The pandemic has accelerated the flexibilization of the labor market, bringing new security challenges," says Lars Veelaert, CEO of XFA. The shift towards device freedom (the so-called "Bring Your Own Device"), increased remote work, and a higher utilization of freelance workers result in a substantial increase in "unknown" devices (up to 50% of the total³) with access to company systems, of which studies show more than half to be insecure⁴. XFA Technology Protects Every Device At XFA, we have developed a cutting-edge solution to empower organizations in fortifying their internal and external co-workers' devices against cyber threats. Our technology conducts crucial security checks – ensuring up-to-date software, encryption, and robust passwords – and guarantees that only secure devices can access business applications and sensitive corporate information. "XFA finally makes it possible to work securely for organizations with any device, from anywhere, while the user retains full control and privacy of the device," says Gijs Van Laer, CTO of XFA. What sets our solution apart is that these checks are performed at login to a company application, even for cloud applications. This allows organizations to have an overview of every device that has access to business information. The technology also enables companies to reduce IT management costs as users can flexibly set up their devices. Additionally, productivity and employee satisfaction increase due to the flexible choice of devices and less dependence on the central IT team. Curious to see how it works? Organizations can view a demo and try out the XFA solution for free on our website. Proven Concept, Significant Market Potential Our XFA technology caters to both larger companies, seeking comprehensive insights and compliance at scale for all devices, and SMEs aiming for simplicity and lower cybersecurity costs. Already in use by various companies, our solution offers a higher level of support and user-friendliness compared to competitors. Lars Veelaert, CEO, adds: "Making all devices secure and keeping them continuously secure is a significant challenge for most companies, and we are now solving this easily with XFA." Words from the investors Roald Borré, Group Manager Equity Investments at PMV, remarks: "Companies and organizations are vulnerable to the increasing number of cyberattacks, and it is important to protect data both in corporate networks and in cloud applications. Companies like XFA focusing on this have a promising future." "Seeder Fund was immediately convinced by the strong team behind XFA. The founders' extensive experience and deep market knowledge form a solid foundation for the company's success," says Isabelle Tennstedt, Partner at Seeder Fund. "With Investee, we invest across various sectors. It is crucial for us to have confidence in the team. The founders' in-depth knowledge and the extremely solid way in which the platform is built give us confidence that XFA can become a significant player in the cybersecurity space," adds Filip Ceelen, CEO of Investee. "With this latest investment, we will expand our team and accelerate the commercialization of our products," says CEO Lars Veelaert. Venture capital groups Investee and Seeder Fund already see potential in the start-up, and the Participatiemaatschappij Vlaanderen is also supporting it. At XFA, we are committed to reshaping the cybersecurity landscape, providing organizations with the tools they need to navigate the evolving threat landscape in a flexible working trend. Join us on this journey towards a more secure digital future! ¹ https://cybersecurityventures.com/cybercrime-damages-6-trillion-by-2021/ ² https://www.theregister.com/2023/10/05/microsoftbyodransomware/ ³ Indicative, confirmed by own network scans in Belgian SME’s and testimonials from multinationals. https://info.armis.com/rs/645-PDC-047/images/State-Of-Enterprise-IoT-Security-Unmanaged-And-Unsecured.pdf ⁴ https://www.statista.com/statistics/881204/share-out-of-date-devices-by-operating-system/

Start-up XFA secures capital round of half a million euro

Meer van ons

The basic checks to start securing your company

How madewithlove proves its device security with XFA

Pre-installing XFA Through Your MDM Is Now Supported

Geen tijd voor een meeting?

We laten u graag onze oplossing zien en hoe:

Schaal uw beveiliging

Beveiligingsgaten dichten

Beveilig Freelance & BYOD

Toestellenbeveiliging met XFA

Enterprise

Technologie

Startups

Gezondheidszorg

FinTech

Onderwijs

Agencies

Discovery

Awareness

Enforce

Silent MFA

Device Checks

Download de Moderne Toestellen Beveiligingsgids

Schaal uw beveiliging

Beveiligingsgaten dichten

Beveilig Freelance & BYOD

Toestellenbeveiliging met XFA

Enterprise

Technologie

Startups

Gezondheidszorg

FinTech

Onderwijs

Agencies

Discovery

Awareness

Enforce

Silent MFA

Device Checks

Download de Moderne Toestellen Beveiligingsgids

Start-up XFA secures capital round of half a million euro

Meer van ons

The basic checks to start securing your company

How madewithlove proves its device security with XFA

Pre-installing XFA Through Your MDM Is Now Supported

Geen tijd voor een meeting?

We laten u graag onze oplossing zien en hoe: