Cyscale, a start-up that develops security solutions for data saved in the cloud, lists tomorrow, September 10, on SeedBlink, the largest crowdfunding platform in Southeast Europe.
Cyscale management estimates that it will obtain 300.000 euros through this round, of which 200.000 euros from SeedBlink investors and 100.000 euros from the GapMinder VC fund – which is lead investor.
Cyscale to go for a global expansion
The amount of the money will be invested in the next 12 months in the development of the technical and marketing & sales team, but also for global expansion, mainly in the USA, Germany, England and the Netherlands.
The financing round through SeedBlink is the second for Cyscale, the first, worth 100.000 euros, being received last year. The amount was invested by the GapMinder investment fund following the Techcelerator acceleration program.
The four co-founders also invested about 100.000 euros in the two years since the launch of the company.
The value of the company can increase 15 times in three years
Currently, Cyscale is worth about two million euros, but with the new round of investment, the company’s value rises to 2.3 million euros, according to Cyscale officials.
They also expect that in 2023 the value of the company could be 30 million euros, 15 times higher than at present.
Possible grant for research, patent registration![]()
Cyscale will soon apply for 2.83 million euros in European grants under the Horizon 2020 program. The money will be allocated to research and development.
Also, starting in 2021, the company’s management wants to register three patents in the area of cloud technology. All patents will be registered abroad.
In 2025 about 90% of company revenues will come from abroad
Cyscale currently has over 50 corporate users, most of them belonging to the IT field. The management aims to reach over 1.000 customers in 2025.
Earning new accounts, especially from abroad, will bring Cyscale’s revenue to about three million euros by the end of 2023 and 15 million euros in 2025.
About 90% of Cyscale’s revenue in 2025 will be generated by customers abroad, according to management estimates.
Cyscale is a company founded at the end of 2018 by Ovidiu Cical, Manuela Țicudean, Laura Cical and Andrei Milaș. The company from Cluj-Napoca develops protection software solutions for the information saved in the cloud and performs risk analysis of this data.
