bifrost security Secures €850,000 in Pre-Seed Financing Round and Adds Two new Advisors
bifrost security, a research spin-off from Lund University focusing on automating runtime security for cloud software, announced today the successful closure of an €850,000 pre-seed financing round, marking a significant milestone in the company's growth journey. The funding, a combination of equity and loan, comes from existing and new investors, showcasing continued confidence in bifrost innovative approach to automated runtime security.
The round saw strong participation from existing investors, reaffirming their commitment to bifrost’s vision. Additionally, two new investors joined the investment group, bringing fresh perspectives, networks, and expertise to the company.
Co-founder and CTO Konrad Eriksson expressed gratitude, stating, "This pre-seed financing round is a testament to our investors' confidence in bifrost's potential. We are grateful for their continued support". bifrost helps organizations automate away complex and time-consuming security configurations to keep their software safe. By continuously analyzing the software, bifrost automatically adapts the security to allow for the intended behavior, blocking everything else.
Ida Herbertsson from Fast Track Capital, a newly joined investor, shared their enthusiasm for supporting bifrost growth, stating, "We are happy to be part of supporting bifrost on their journey. We are also thrilled to back serial entrepreneurs who have grown companies from our successful incubator MINC before. It is a testament to the opportunities within the Skåne Tech scene."
In addition, two experienced advisors, Anders Malmström and Kristian Hansson, have joined the company. They bring ample expertise from scaling ventures, the most notable being Foreseeti, a cybersecurity startup with roots at the Royal Institute of Technology. With Anders as CEO and Kristian as COO, they raised Foreseetis Series A round, quickly scaled sales, and led the company to a successful exit to Google in 2022.
Anders Malmström, "We look forward to working with bifrost to share our knowledge in commercializing cybersecurity research and help them scale. We believe their innovative approach will greatly benefit firms in strengthening their runtime security."
Hannes Ullman, co-founder and CEO emphasized the strategic significance of the funding and the new advisors, stating, "This round of financing marks a crucial step forward for bifrost. The capital raised will enable us to expedite our commercialization efforts, reach new milestones in development, and strengthen our current IP portfolio. We will look to attract further top developers to help us scale our effort."
bifrost is live with a group of customers and looks to bring on the next batch during 2024, targeting scale-ups in regulated sectors such as Fintech and health tech in the Nordics. For organizations wishing to participate, please contact Hannes using the details below.
For inquiries, please contact:
Hannes Ullman, Co-founder & CEO.
hannes@bifrostsec.com
About bifrost security
bifrost security is developing an automated behavior-based runtime security service for cloud software. bifrost empowers developers with automatic and continuous analysis of their software when running, helping them remove complex and time-consuming manual work to configure security. bifrost stems from the results of research at Lund University that found that tailored profiles help remediate the majority of vulnerabilities existing in a given software. With a commitment to excellence and a focus on continuous improvement, bifrost will help bring automation to the runtime context of cybersecurity.