Toolbox for Security Experts Funded with € 1 million by TIIN Capital and Angel Investors
Cybersecurity startup Codean develops a toolbox for security experts in order to work two times faster. TIIN Capital’s Dutch Security TechFund and five experienced angel investors invest € 1 million which boosts the roll out of Codean’s product.
The amount of criminal hackers is growing. The cybersecurity industry has a lot of trouble to keep up with this trend. Arthur Tolsma, co-founder and CEO: “We employ security experts who help software developers with code review. We want to give them the best possible tools to work effectively. Those tools don't exist. Codean has filled this gap by developing an unique toolbox. What we are seeing now is that there is no comparable product and that we have something within reach that has the potential to be deployed worldwide.”
The worldwide damage from cyber-attacks runs in the billions. Companies are looking for solutions, but there is too little manpower available. There are 450.000 security vacancies in the US. In fact, Microsoft started a project in October 2021 to train 250.000 cybersecurity professionals. The Codean toolbox that allows security experts to work twice as fast is therefore receiving positive reactions from the market. Although there are many fully automated security tools for software experts, they do not detect all essential vulnerabilities. The human security expert is still needed and cannot be replaced yet. Codean developed the toolbox for this security expert in order to be more efficiënt.
The fundamental innovation is the ability to place codemarks. This allows a security expert to mark code as ‘security-relevant’. By connecting these codemarks a vulnerable path through the codebase is marked. And that is the goal of a security expert: to find a path through which a criminal hacker can get in and find something valuable. Subsequently, with this knowledge, the software developer can make his code more secure. Because the review environment is in the cloud, security experts can also easily collaborate on a codebase and review each other's codemarks. This combination of features makes the review environment unique worldwide and enables security experts to work more efficiently.
Arthur Tolsma now wants to grow the company. “We are really pleased with the support and expertise of the investors involved in this funding round. We were looking for investors who can assist us with the further professionalisation of the company and who also contribute network and expertise. This is reflected in the track record and experience of venture capitalist TIIN Capital and angel investors such as Steven Dondorp, CEO of Northwave.”
Roel Reijnen, Partner at TIIN Capital, adds: “The cybersecurity market has grown rapidly in recent years, but it still needs to mature. A mature market includes technology specific to that industry. We expect Codean's review environment to become the standard in this sector in 4 years’ time. We strongly believe in the expertise of the team. Besides that, the fact that these entrepreneurs bring along a number of experienced angel investors from the industry is for us an additional confirmation of the potential of the company.”
Steven Dondorp, CEO at Northwave Group and one of the angel investors, says about the investment in Codean: “As a cybersecurity entrepreneur, I recognize the great shortage in this labor market from my own experience. Technology can be the solution, but only technology that serves people well. I see this philosophy embraced by Codean”.
About TIIN Capital – Dutch Security TechFund
TIIN Capital was founded in 1998. The sixth venture capital fund was started at the beginning of 2019; Dutch Security Tech Fund. Dutch Security TechFund has a specific sector focus and approach: startups and scale-ups in cyber security and IoT Security. The fund's strategy is to invest in strong and innovation-oriented teams. By collaborating with corporates and (semi) governments in Europe, among other things, TIIN Capital has created a unique ecosystem in which it collaborates with Security Delta (HSD) based in The Hague and the European Cyber Security Organisation (ECSO) in Brussels. For more information: https://tiincapital.nl/dutch-security-techfund/
Following this investment, Codean also becomes a partner of HSD. We are looking forward to our collaboration, amongst the participation in PIB Germany exploring international markets.