€400K EU Subsidy for Codean

12 Aug 2022
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Author: HSD Foundation

Cybersecurity startup Codean receives a €400K subsidy from the REACT program. Goal is to further develop their toolbox which lets ethical hackers review code faster. After the €1M investment from TIIN Capital and five angel investors early 2022 this is a boost for product development. 

 

The economy is taking a step back, but criminal hackers are taking a step forward. And thereby the need for cybersecurity experts is growing. Arthur Tolsma, Codean co-founder and CEO: “The digitization trend results in increasing opportunities for digital criminals. Certainly because software is becoming more and more complex, and because writing good software is something completely different from writing secure software”.

 

Subsidy for Innovative Toolbox

Codean receives €400K from the REACT program to further develop its review environment. Tolsma is pleased with this contribution: “Our previous investment of €1M gave us the opportunity to hire top quality people, and we have grown from 4 to a team of 11. Our review environment already helps security experts to work faster, but that can and should be improved because criminal hackers are also working smarter. This requires complex technology, which is why this subsidy is very important.”

 

Economic Recovery after the COVID Crisis

In response to the Corona pandemic, the EU has decided to set up a recovery program. Part of this is the REACT EU program, which focuses on a green, digital and resilient recovery of the regional economy. The Dutch organization ‘Kansen voor West’ is the implementing body that has granted this subsidy to Codean through this ERDF programme.

 

Read the full press release by Codean here.

HSD Partners involved