Xorlab, a startup specializing in enterprise communication security that is headquartered in Zurich, has secured 6.1 million Swiss francs in a series A funding round. According to a press release, the funding was led by EquityPitcher and supplemented by existing investors Spicehaus Partners, Zürcher Kantonalbank and Hasler Stiftung. EquityPitcher is a venture capitalist provider supporting promising startups in Switzerland, Germany and Austria.
Several private investors have also increased their shares in xorlab according to the press release. The funding is earmarked to drive the company’s growth. Xorlab is expanding its team and developing its technology to be able to support new customers in Europe and further afield.
Xorlab was founded in 2015 as a spin-off from the Swiss Federal Institute of Technology Zurich (ETH). According to information provided by the company, today its clients include many large Swiss companies, including the private bank Julius Bär, Swiss Post, Swiss Federal Railways (SBB), the Swiss telecommunications provider Swisscom and the construction company Implenia.
According to CEO Antonio Barresi, xorlab’s customers work with the company because they “consistently detect and stop what everyone else in the market can’t”. He adds that xorlab even deflects advanced attacks that have never been seen before. Xorlab states that it is developing the next generation of communication defense for companies. Its security SaaS platform uses machine learning and advanced software analysis to recognize and stop new cyberattacks such as ransomware and spear phishing. The latter targets specific employees of a company.
Cybersecurity for the World in Greater Zurich
Cybersecurity has grown to be one of the world’s most important areas of technology. Switzerland, particularly the Greater Zurich Area, plays a leading role in the field. ETH Zurich has one of the top five teams in the world in the field of cybersecurity and the Crypto Valley offers an innovative scene of small and mid-size companies involved in researching solutions for safer data processing. The highly qualified technical work force and the high quality of life are bonus factors to companies domiciled in the Greater Zurich Area. What success story would your cybersecurity company like to write from Switzerland?