Lyon-based start-up Tenacy, which specialises in automated cybersecurity management solutions, has just successfully completed a €6 million fund-raising round as part of its expansion across Europe.
Lyon-based start-up Tenacy, which specialises in automated cybersecurity management solutions, has just successfully completed a €6 million round of funding from existing investors (Auriga Cyber Ventures, Teamwork, Kreaxi and Crédit Agricole Création) and a new entrant : Axeleo Capital. This round of financing is part of the development of its solutions across Europe. Joffe & Associés (Thomas Saltiel, Charlotte Viandaz and Rudy Diamant) advised Axeleo Capital on this transaction.
Founded in 2019, the Lyon-based start-up (formerly AugmentedCISO) positions itself as a SaaS platform dedicated to managing corporate cybersecurity. The platform provides companies with the ability to assess their level of compliance, draw up security policies, supervise day-to-day operations and generate reports in an efficient way when it comes to IT security.
“We provide an all-in-one cybersecurity solution for decision-makers,” says Cyril Guillet (Lyon Décideurs), CEO and co-founder of start-up Tenacy.
All the historical stakeholders, notably Auriga Cyber Ventures, Kreaxi, Teamwork and Crédit Agricole Innovation, are renewing their confidence by participating in this round of financing. A new investor, Axeleo Capital, has joined this second round of financing. The total amount of the transaction is €6 million.
According to CFNews, the company aims to maintain sustained growth and achieve Recurring Annual Revenue (ARR) of between €10 and €15 million within three years. The recruitment plan calls for doubling the current workforce of 50 over the next year, with 40% for the marketing and sales teams and 60% for Research and Development.