Filigran, a Paris-based open-source cybersecurity company, has secured $58 million in a Series C funding round. The investment, led by French venture capital firm Eurazeo, is designated for international expansion and product development, coming less than a year after the company raised $35 million in its Series B round.
The new funding will help Filigran enhance its presence in North America and Europe while also entering new markets in Asia and the Middle East. The capital will also support the creation of new products aimed at real-time risk management and artificial intelligence integration.
Key Takeaways
- New Funding: Filigran raised $58 million in a Series C round led by Eurazeo, with participation from Deutsche Telekom, Accel, and Insight Partners.
- Core Business: The company develops open-source threat intelligence platforms that help organizations anticipate and defend against cyberattacks.
- Expansion Plans: The funds will be used to triple its U.S. team, expand into Germany, and establish a presence in Japan and Saudi Arabia.
- Product Development: Filigran is developing a new risk management tool, OpenGRC, and an AI-powered copilot for its existing platforms.
Details of the Investment Round
The $58 million funding round highlights strong investor confidence in Filigran's business model and growth trajectory. Eurazeo's growth team led the investment, marking a significant endorsement from a major European venture capital firm.
Participation also came from German telecommunications giant Deutsche Telekom, which is expected to play a strategic role in the company's expansion into the German market. Previous investors, including Accel and Insight Partners, also contributed, reaffirming their continued support for the startup.
What is Threat Intelligence?
Threat intelligence is a field within cybersecurity that involves collecting, processing, and analyzing data to understand a threat actor's motives, targets, and attack behaviors. The goal is to provide organizations with actionable information they can use to make faster, more informed security decisions and shift from a reactive to a proactive defense posture.
Filigran's Open-Source Model
Filigran operates on an open-source business model, which sets it apart from many competitors in the cybersecurity space. The company's core products are available for anyone to download and use for free.
Core Product Offerings
The company has built its reputation on two primary platforms:
- OpenCTI: This is a threat intelligence platform that allows cybersecurity teams to gather and organize data about cyber threats. It serves as a central knowledge base to help organizations structure their defense strategies.
- OpenBAS: An attack simulation platform that works with OpenCTI. It enables organizations to safely test their security infrastructure against various attack scenarios to identify weaknesses before they can be exploited.
While the source code for these platforms is free, Filigran generates revenue by selling premium enterprise services. These paid features include advanced AI-driven analytics, automation of complex tasks, and dedicated support, which are critical for large organizations.
Over 6,000 organizations worldwide use Filigran's platforms. Its diverse user base includes prominent names such as the hotel chain Marriott, the U.S. Federal Bureau of Investigation (FBI), and the European Commission.
Ambitious Growth and Future Products
Since its launch in 2022, Filigran has demonstrated rapid growth. While the company does not disclose its annual recurring revenue (ARR), cofounder Samuel Hassine has outlined ambitious financial targets.
The company aims to reach €20 million in ARR by the end of 2025 and achieve profitability by 2028. Hassine confirmed that the company's long-term strategy remains on schedule.
"The three-year strategy is on track. The goal is to reach €100m [ARR] by the end of 2028."
The Series C funding will also accelerate the development of two new key products. The first is OpenGRC, a tool designed for real-time governance, risk, and compliance management. The second is an AI agent platform that will function as an intelligent assistant, or copilot, for users of OpenCTI and OpenBAS, helping to streamline analysis and response.
Strategy for Global Expansion
A significant portion of the new capital is allocated to expanding Filigran's global footprint. The company already has a solid presence in the United States and Europe, with North America accounting for 35% of its total revenue.
Strengthening North American Operations
Filigran plans to significantly increase its investment in the U.S. market. The company intends to triple its current on-the-ground team from 30 employees to approximately 90. This move is designed to better serve its growing American customer base and capture a larger share of the market.
European and New Market Entry
In Europe, the strategic partnership with Deutsche Telekom will be central to Filigran's expansion in the DACH region (Germany, Austria, and Switzerland). According to Hassine, this collaboration is key to making significant investments in the area.
Beyond its established markets, Filigran is also setting its sights on new regions. The company has announced plans to expand into Japan and Saudi Arabia, signaling its intent to become a truly global player in the cybersecurity industry. This expansion will be supported by hiring local teams and adapting its offerings to meet regional demands.