Cyber Upgrade, a Lithuanian cybersecurity startup led by a former Paysolut co-founder, develops interactive AI-driven cybersecurity solutions for small and medium-sized businesses with a focus on inclusivity and accessibility.
Lithuania-based cybersecurity startup Cyber Upgrade has secured €650,000 in pre-seed funding with participation from venture capital firm FIRSTPICK, NGL Ventures and other business angels. This is a major step in the company's mission to provide comprehensive and accessible cybersecurity for small and medium-sized enterprises (SMEs) and fintechs.
Cyber Upgrade is led by Aurimas Bakas and Andrius Minkevičius. Both were formerly with Paysolut. Paysolut is a core banking systems provider that he co-founded and sold to SumUp after a successful multi-year partnership.
“This investment opens up exciting growth opportunities and enables us to develop the latest technology to deliver next-generation operational-grade protection against emerging cybersecurity threats,” said CEO of Cyber Upgrade. , Bakas said. “In the 10 years we have been building critical banking infrastructure at Paysolut, we have learned a lot about protecting and hardening banking systems against cyber-attacks. We are now combining our years of experience with the latest AI-driven solutions. We are now positioned to make Cyber Upgrade our first line of defense for cybersecurity.”
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An interactive software suite that empowers small businesses and CISOs
Cyber Upgrade develops a dynamic, AI-driven platform built to address the specific cybersecurity needs of small and medium-sized businesses, especially when it comes to accessibility and inclusivity. The platform is a gamified system that includes an AI chatbot that acts as a virtual cybersecurity officer, guiding each small business to implement its own real-world cybersecurity solution. The platform also integrates an educational aspect, using an interactive game-like interface to keep team members up to date on the latest cybersecurity practices.
“You can build a good cyber defense line, but if your team isn’t on board with it, there’s going to be a weak link somewhere in the chain, intentionally or not,” Bakas says. he explains. “Our goal is to provide businesses with a comprehensive set of tools that allow everyone to participate in the process, making high levels of security manageable, easy to operate, and affordable. is.”
The company's platform also benefits established fintech companies, providing tools for chief information security officers (CISOs) to monitor and manage internal cybersecurity processes and maintain regulatory compliance. In the face of emerging cyber threats and upcoming cybersecurity regulations such as DORA, MiCA, and NIS2, fintech companies need future-proofed systems that can dynamically adapt to external changes while mitigating ongoing threats. We need a solution.
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Current and future development plans
This pre-seed funding will enable Cyber Upgrade to accelerate development speed, increase market visibility, and further refine the product to ensure alignment with market needs. The company is currently focused on future-proofing its solution, further developing its AI chatbot, and improving the platform's dashboard to easily manage an overview of all events.
The company's long-term goals include adding news features such as phishing drills, a “panic button” for emergency incidents, and nano services to enhance security coverage, a premium service typically out of reach for small businesses.
Cyber Upgrade aims to make high-level AI-driven cybersecurity solutions available to small and medium-sized businesses, with a clear focus on providing affordable software that adapts to the specific needs of its customers. A company dedicated to Founded by a team of experienced professionals and entrepreneurs, the company's vision revolves around enabling businesses to protect themselves from modern cyber threats while fostering a culture of cybersecurity awareness. I am.
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