, a Paris-based security software program, announced today a €28.9 million Series B financing round to power product development, open two new offices, and twice headcount by 2026.
Venture capital firm Left Lane Capital led the funding round. This funding brings Riot’s total raised capital to €43.4 million and includes participation from existing investors Y Combinator, Base10, and FundersClub.
According to Benjamin Netter, Founder and CEO of Riot,” Hackers are utilizing the most recent innovations in artificial intelligence to create extremely targeted and sophisticated attacks capable of deceiving the most vigilant employees.” We’re in a race against time to create tools that will shield businesses from these new threats. By 2027, we want to protect more than ten million of our workforce.
Since being founded in 2020 at Y Combinator by Benjamin Netter and Louis Cibot, Riot has grown to protect more than 1, 500 organisations across various sectors, including customers such as Mistral AI, Y Combinator, and Modern Treasury, as well asL’Occitane, Deel, Intercom, and French newspaper Le Monde. In 2024, the business also generated more than €9.6 million in annual revenue, which is another year of significant triple-digit growth.
Riot plans to open two new offices and double its current workforce within the next twelve months as a result of the new funding.
The Riot platform gives cybersecurity teams in all sizes the ability to assess and assess their employees ‘ cyber posture, giving them the” first line of defense against hackers.”
According to Riot, companies have grown more skeptical about the enhanced capabilities of hackers due to the rapid growth of GenAI and the proliferation of publicly accessible digital data. AI has made it possible for these liars to create more personalized and accurate attacks to deceive their coworkers. As a result, employees are increasingly vulnerable to cyber threats, as witnessed by the acceleration of phishing incidents, which have increased 1, 265 % in the last two years – as per Riot.
By seamlessly integrating with an organization’s IT stack, Riot will assess employees ‘ cyber posture, detecting potential vulnerabilities — such as the lack of strong authentication on certain services, and will proactively guide employees in resolving these weaknesses. Riot will rely on its online friend Albert to provide actionable recommendations in real time via corporate communication platforms like Slack or Microsoft Teams.
This approach is meant to make things harder for hackers, who rely on employee security issues to launch successful attacks.
” As AI technology continues to mature, phishing attacks will become more sophisticated, personalized, and harder to detect. The best defense against these evolving threats is to empower your team with the right tools and knowledge, according to Matthew Miller, Partner at Left Lane Capital. The first line of defense against cyberattacks is” Riot’s innovative approach focuses on employees.” These training and prevention tools are now more important than ever because of the high costs associated with a data breach or cyberattack’s impact on businesses.