, a Paris-based security software program, announced today a €28.9 million Series B financing round to power product development, open two new offices, and twice headcount by 2026.
Venture capital firm Left Lane Capital led the revenue round. This money brings Riot’s full raised funds to €43.4 million and includes contribution from existing buyers Y Combinator, Base10, and FundersClub.
According to Benjamin Netter, Founder and CEO of Riot,” Hackers are utilizing the most recent advances in artificial intelligence to produce extremely precise and powerful attacks capable of deceiving the most competent employees.” We’re in a race against time to create devices to shield organizations from these new risks. By 2027, we want to defend more than ten million of our workforce.
Since being founded in 2020 at Y Combinator by Benjamin Netter and Louis Cibot, Riot has grown to protect more than 1, 500 companies across different sectors, including users such as Mistral AI, Y Combinator, and Modern Treasury, as well asL’Occitane, Deel, Intercom, and French magazine Le Monde. In 2024, the business ‘ annual revenue increased by another significant triple-digit year, surpassing €9.6 million.
With plans to open two new offices and double Riot’s current workforce within the next twelve months, the new funding will accelerate the company’s international expansion.
The Riot platform gives cybersecurity teams in all sizes the ability to assess and assess their employees ‘ cyber posture, giving them the” first line of defense against hackers.”
The rapid development of GenAI and the proliferation of publicly accessible digital data, in Riot’s opinion, has caused businesses to become more cautious about the increased security of hackers. AI has made it possible for these liars to create more personalized and realistic attacks designed to deceive coworkers. As a result, employees are increasingly vulnerable to cyber threats, as witnessed by the acceleration of phishing incidents, which have increased 1, 265 % in the last two years – as per Riot.
By seamlessly integrating with an organization’s IT stack, Riot will assess employees ‘ cyber posture, detecting potential vulnerabilities — such as the lack of strong authentication on certain services, and will proactively guide employees in resolving these weaknesses. Riot will rely on its online friend Albert to provide actionable recommendations in real time via corporate communication platforms like Slack or Microsoft Teams.
This approach is meant to make things harder for hackers, who rely on poor security practices among employees to launch successful attacks.
” As AI technology continues to mature, phishing attacks will become more sophisticated, personalized, and harder to detect. The best defense against these evolving threats is to empower your team with the right tools and knowledge, according to Matthew Miller, Partner at Left Lane Capital. Employees are Riot’s first line of defense against cyberattacks, according to their innovative approach. Making these training and prevention tools a necessity now more than ever, the cost of a data breach or cyberattack has significant financial and reputational implications for businesses.