Cybersecurity startup CybelAngel has raised $36m in funding to expand its digital risk management platform globally and advance its AI-powered software as a service platform.

The Series B funding round comes from a consortium of European venture capital firms and US-based entrepreneurs.

It brings the France-based startup’s total funding to date to $52m since it was founded in 2013.

Prime Ventures and TempoCap led the funding round, with participation from Bpifrance and Open CNP.

New investors include Tenable co-founder and CTO Renaud Deraison, former Black Duck Software CEO Lou Shipley and Neolane co-founder and former CEO Stephan Dietrich.

Datadog co-founder and CEO Olivier Pomel, along with co-founder and CTO Alexis Le-Quoc also joined the list of new investors.

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By GlobalData

CybelAngel: Addressing the growing data leak problem

The firm’s risk management platform uses artificial intelligence to monitor for data leaks across the surface web, deep web and dark web, as well as connected storage such as internet of things devices.

It aims to address the growing problem of data leaks, particularly breaches that are the fault of third-party vendors.

The cyber threat intelligence market is projected to be worth $12.9bn by 2023, according to Markets And Markets.

Erwan Keraudy, CEO of CybelAngel, said: “The acceleration of digital transformation and the proliferation of connected devices has created an explosion of both malicious and negligent risks.

“This funding enables CybelAngel to expand globally to more countries and continue to innovate to protect enterprises’ most critical digital assets from costly data leaks. It will also support our expansion in North America where the demand for digital supply chain protection and third-party risk management is growing exponentially.”

Pieter Welten, partner at Prime Ventures, joined CybelAngel’s board of directors as part of the deal.

“CybelAngel’s technology is a must-have in every CIO’s cybersecurity posture,” said Welten. “Their solution has already been successful at saving customers billions of dollars’ worth of potential damage from data leaks. We see an expansive global opportunity in CybelAngel, and we are excited to help them grow.”

CybelAngel counts pharmaceutical giant Sanofi, luxury retail brand Louis Vuitton and Air France among its customers.

Read more: Exclusive: Data breach exposes 17,000 yachting industry professionals