Hague cyber security firm Eye gets €36 million investment from JP Morgan, others

Eye Security, a Hague-based cyber security company, has received an investment of 36 million euros from JP Morgan Growth Equity Partners and others, the company announced. Eye Security, set up four years ago by five former employees of the Dutch intelligence services, plans to expand further into Europe with that money.

Eye Security sells cybersecurity to companies via subscription, including antivirus software and automatic updates. It specifically targets smaller businesses, who often can’t afford the initial costs of getting their cybersecurity up to multinational standards. “We felt very strongly that companies deserved better. We also realized that there are not enough security specialists to help every company in Europe. We needed a radically different approach,” the company said on LinkedIn on Monday.

In addition to protection against cybercrime, the company also has an emergency team to help customers affected by a hack or ransomware attack, among other things, and offers insurance against cyber incidents. “Our comprehensive approach means our customers are fully protected against cyber risk,” CEO and co-founder Job Kuijpers said.

Eye Security plans to use this round of funding to expand its services from the Netherlands, Belgium, and Germany to the rest of Europe and continue to innovate and refine its cybersecurity solutions. “This strategic expansion and focus on innovation ensure that we not only meet but exceed the evolving security needs of businesses throughout Europe. We’re not just stepping up our game; we’re changing it,” the company said.

“We expect a doubling of turnover this year and again next year,” Kuijpers told the Financieele Dagblad. Eye Security also expects to double its number of employees, currently over 100. That is partly thanks to stricter European rules for cybersecurity that take effect in October. Companies in more sectors will then have to put more effort into searching and securing digital vulnerabilities and crisis management.