Lithuanian security startup CyberUpgrade raises €650K

Lithuanian SaaS solution to provide security for businesses CyberUpgrade has raised €650K from a Lithuanian syndicate of 23 business angels NGL, Lithuanian accelerator Firstpick, and other angels. This was a pre-seed round of investment.

Established in Vilnius in 2023 by former founders of fintech Paysolut (was sold to London-based SumUp) Aurimas Bakas and Andrius Minkevičius, and Algirdas Stasiūnaitis, Nojus Antanas Bendoraitis, Cyber Upgrade is an AI-powered platform for traditional businesses, software owners and tech companies. 

The platform includes an AI chatbot that helps companies implement cybersecurity solutions. In addition, the platform helps its customers assess the effectiveness of cyber tools, conduct employee awareness training, and create cyber governance documentation.

The startup provides tools for chief information security officers (CISOs) to monitor and manage their internal cybersecurity processes and maintain regulatory compliance. 

CyberUpgrade will use the investment to further develop its AI chatbot. It plans to work on the dashboard, which would provide an easy-to-manage overview of all events. The company will also work on increasing its market visibility. Cyber Upgrade aims to add new features such as phishing drills, a “panic button” for urgent incidents, and nano services for enhanced security coverage.

Founded in 2022 by the ex-managing director of LitBAN Justinas Pasys, NGL facilitates syndicated investments, and business angel education and forms startup advisory boards. 

Established by an ex-Lithuanian team of Estonian accelerator StartupWiseGuys, a VC and an accelerator Firstpick aims to support 45 startups over the coming three years. Its fund size is €20M. According to Firstpick, Cyber Upgrade is its 20th investment. The initial ticket of the fund per startup is €50K-€200K. The Managing Partners are Jonė Vaitulevičiūtė, Marijus Andrijauskas, Dmitrij Sosunov, and Andra Bagdonaite.