The company has received a total of 4 million euros to develop its deception technology.
CounterCraft, a pioneer in the emerging field of enterprise cyber counterintelligence and deception technology, has secured 2 million euros in an investment round to boost its international presence in Europe, the Middle East and the United States.
The company has received a total of 4 million euros to develop its deception technology. Over 3 million euros are from leading global investors in cyber-security: Adara Ventures, Orza, Telefónica Open Future_, through Wayra and; most recently, Evolution Equity Partners, an international venture capital investor focused on the cybersecurity sector. Additionally, the company has received 1 million euros from the European Commission’s SME instrument H2020, and the Spanish Centre for the Development of Industrial Technology (CDTI), to accelerate its technology, development and time to market. CounterCraft is the first company to receive support from this combination of private and public investors, recognized for their proven experience and track record in cyber-security technology.
CounterCraft, founded just over two years ago, with the aim of revolutionizing the cyber-security space, has developed a disruptive solution that employs deception tools and techniques to detect, discover and manipulate attackers. An innovative and unique solution that protects organizations against sophisticated security incidents. The company is innovating cyber-security by anticipating threats through novel and unique technologies. This pioneering solution from Europe protects important companies in the financial, commercial, and governmental sectors, as well as Law Enforcement Agencies.
The company’s short and medium-term goal is to expand internationally within Europe and the Middle East and to enter the US market. It will also continue to develop its team of professionals which has grown to 20 individuals. CounterCraft is backed by Evolution Equity Partners and other recognized investment funds and operates worldwide in more than 20 Fortune500 Index companies.
David Barroso, the company’s founder and CEO, and one of the world’s most renowned experts in the field of cyber-security, explains, “Attackers deceive, manipulate and exploit vulnerabilities in governments and companies; we want to turn the tables on them. We want to make life difficult for them.” Barroso points out that: “Companies have to know who their attackers are and what is happening beyond the boundaries of their cyber-security systems. We create environments that look real where we provide information and access that the attackers believe to be genuine. Not only do we protect the company’s confidential information, we also manipulate the information that is presented to attackers. When they use this false information, we learn more about their modus operandi, find out who they are, what their intentions are and influence their next steps. It’s much more intelligent to control what they see and to make them think that their attacks are successful. This way we can deceive them and get information about their actions, tools and techniques.”
Alberto Gómez, managing partner of Adara Ventures says, “CounterCraft has an incredibly complete vision of the needs and challenges faced by big corporations and offers a solution that is far more exhaustive, dynamic and effective than the ones we have today. CounterCraft’s team have the perfect combination of market and sector knowledge, as well as technical experience.”
By anticipating threats CounterCraft is revolutionizing the world of cyber-security. CounterCraft is able to detect attackers, regardless of the complexity of the attacks and the techniques they use. Cyber-security deception platforms are an emerging market with great potential and scope, and currently, CounterCraft is the only European headquartered start-up with a specific focus on this area. According to Gartner consultants, the market for this technology is expected to exceed $3 billion by 2020.
Aitor Arrizabalaga, managing partner of Orza says, “When we met CounterCraft we knew they had everything we were looking for in a startup: a team with a lot of expertise, an ambitious project with an international focus, and a leading, innovative technology that has a lot of growth potential.”
CounterCraft Cyber Deception Platform
The Cyber Deception Platform is a pioneering solution in Europe that protects large companies by giving attackers access to fictitious data and applications that act as bait. CounterCraft identifies these targeted attacks in real time and actively responds to them; this way attacks occur in a controlled deception environment enabling us to discover attacker’s motivations, tools, and techniques.
The profile of attackers can vary greatly: cyber-criminals, lone hackers, ex-employees, and nation state agencies. The Cyber Deception Platform allows companies to study their attackers and to learn more about their techniques, goals, and intentions. This valuable information will then be used to take defensive action against the attacker and to strengthen previously unknown weaknesses in security systems.
Andrés Saborido, Director of Wayra España says, “Telefónica is firmly committed to cyber-security; one of the industries which has the highest growth potential over the next few years. Within the sector, CounterCraft has an incredible team of experts that has managed to achieve the aims set out in the first round of financing. And for this reason, we are again supporting them as well as the technology they are developing.”
The Cyber Deception Platform is the first product that automates the design, implementation, supervision and maintenance of deception campaigns, across all of a company’s digital assets such as servers, mobile phones, web applications, mobile applications and WiFi access points. This automation brings a 95% savings in counterintelligence costs compared to manual techniques.
Richard Seewald, Founder and Managing Partner at Evolution Equity Partners stated “Evolution Equity Partners are pleased to partner with CounterCraft who have developed game-changing technology that materially impacts how advanced threats are managed. The team at CounterCraft have impressive security credentials and we welcome them to our portfolio of leading cyber security companies,” Seewald added.
Recognition, Awards and Acceleration Programs
As a result of continuous innovation, the startup has received numerous acknowledgements through various awards, such as “21st Century Basque Entrepreneur Awards,” organized by La Caixa and the Business Development Basque Agency SPRI; the “Toribio Echeverría” award for new companies; and the SIC Information Security Award for the founders; the San Sebastian Development Award for the youngest, most innovative and promising company; and Info Security PG’s Global Excellence Award for “Startup of the Year.”
In addition, CounterCraft was a winner of the Spanish INCIBE (National Institute of Cyber-security), acceleration program, and has participated in the first edition of the GCHQ cyber-security acceleration program in the United Kingdom. Currently, the company is participating in the Bind 4.0 industrial cyber accelerator run by the Basque Government and it is a current cohort member of Momentum London in the United Kingdom.
Gary Stewart, Director of Wayra UK and Telefónica Open Future_ (UK) says, “CounterCraft is one of my favorite teams. I’m really excited that they have raised such an impressive round. They deserve it, and they serve as an inspiration to all of the other companies that we have in our GCHQ Cyber Accelerator (powered by Wayra).”