Paris-based open-source cybersecurity startup Filigran has raised a $58m Series C to double down on international expansion and product growth, less than a year after securing a $35m Series B.
The latest fundraise was led by French VC Eurazeo’s growth team and included participation from German multinational Deutsche Telekom, as well as previous investors Accel and Insight Partners.
Filigran builds open-source products for “threat intelligence”, meaning it helps customers gather information about potential cyber risks and anticipate attacks — a field that is growing fast as AI creates ever-more sophisticated threats.
The startup has built a platform called OpenCTI, which enables cybersecurity teams to collect and analyse data about threats in order to develop their cybersecurity strategy; and OpenBAS, an attack simulation platform based on OpenCTI that lets organisations stress-test their infrastructure.
Both products are open source, meaning any user can download the code for the platforms for free. Filigran monetises premium services on top of the code such as AI analytics and the automation of tasks.
The Series C funding will support the development of a third product dubbed OpenGRC, which the company says will provide real-time risk management, as well as an AI agent platform that will act as a copilot for Filigran’s flagship tools.
Fast growth
Launched in 2022, Filigran has experienced fast growth. Although the company doesn’t share its annual recurring revenues (ARR), cofounder Samuel Hassine previously told Sifted he plans to hit €20m in ARR by the end of 2025 and reach profitability by 2028.
Hassine confirmed “the three-year strategy is on track” and said “the goal is to reach €100m [ARR] by the end of 2028.”
More than 6k organisations use the startup’s products, ranging from international hotel chain Marriott to the FBI and the European Commission. It is unclear what proportion of users are paying customers.
Filigran has a presence in the US and Europe, with 35% of the startup’s revenue coming from North America. With the fresh funding, the company plans to expand its presence in the US and to triple its current team of 30 employees on the ground (Filigran’s total headcount is 160 people).
In Europe, the startup will focus particularly on Germany thanks to the support of Deutsche Telekom. “Deutsche Telekom is strategic for the development of the DACH region, where Filigran plans to make significant investments,” says Hassine.
The company also intends to grow in new regions, with plans to expand to Japan and Saudi Arabia.
