SENNA

Cyber Startup Saporo Raises €7 Million to Address Identity-Based Attacks

Saporo, a Swiss cybersecurity startup, has raised €7 million in funding to tackle the growing threat of identity-based cyberattacks. According to the company, 80% of all cyber incidents are now identity-related, as attackers increasingly exploit vulnerabilities in user authentication and access controls.

The funding round was led by a group of European venture capital firms, including Redalpine and Wingman Ventures. Saporo plans to use the capital to accelerate product development and expand its sales and marketing efforts across Europe.

"Identity has become the new perimeter in cybersecurity," said Saporo CEO and co-founder Luca Bettinelli. "Traditional security approaches focused on network and endpoint protection are no longer sufficient. Attackers are targeting user identities to gain access to sensitive data and systems."

Saporo's platform aims to provide a more holistic approach to identity and access management. The company's technology uses machine learning and behavioral analytics to continuously monitor user activities and detect anomalies that could indicate a compromised identity. This allows organizations to quickly identify and respond to identity-based threats before they can cause significant damage.

"Businesses today are operating in an environment of heightened cyber risk, with identity-based attacks posing a major threat," said Redalpine partner Julia Schütz. "Saporo's innovative solution addresses a critical gap in the market and has significant potential to help organizations strengthen their security posture."

The rise in identity-based attacks has become a growing concern for security teams across industries. According to a recent report by cybersecurity firm Mandiant, over 80% of incidents it investigated in 2021 involved the exploitation of valid user credentials. This underscores the need for more advanced identity protection capabilities.

"Saporo's technology comes at a crucial time, as businesses grapple with the increasing sophistication of cyber threats," said Wingman Ventures' Thomas Weber. "By focusing on identity as the new security perimeter, the company is well-positioned to help organizations stay ahead of evolving attack vectors."

With the new funding, Saporo plans to expand its sales and marketing efforts, particularly in key European markets. The company also intends to invest in further developing its machine learning-powered identity protection capabilities to stay ahead of the rapidly changing threat landscape.