Xorlabannounced that is has raised over 1.2 Swiss million francs in an oversubscribed Pre-Series A financing round. Spicehaus Partners AG led the round through its Spicehaus Swiss Venture Fund and will be a partner for the start-up.
Founded in 2015 as a spin-off from the Swiss Federal Institute of Technology (ETH) in Zurich, xorlab develops cybersecurity solutions. Long-term clients include Julius Baer and Climeworks.
One of its products is a smart email security platform that detects and filters out phishing and malware attacks. The solution uses machine learning and advanced dynamic analysis.
The Zurich-based company intends to use the new funding to continue to hire new talent. It is already planning a large-scale Series A financing round for the autumn.
“It is apparent that enterprises need cybersecurity solutions to prevent both reputational and financial risks of attacks,” said Daniel Andreas of Spicehaus Partners. “We see a lot of growth potential for xorlab with their competitive email defense platform and are excited about their vision to be the leader in proactive defense for all electronic corporate communication.”