December 7, 2023 at 06:15PM
ProvenRun, a cybersecurity firm, secured €15 million in a Series A round led by Tikehau Capital, aiming to advance secure operating systems for IoT and connected vehicles. The funding will boost product development, including automotive and Risc-V architecture applications, and facilitate North American expansion.
**Meeting Takeaways:**
1. **ProvenRun Fundraising:** ProvenRun, a cybersecurity software company, has successfully completed a €15 million fundraising round.
2. **Investment Leadership:** The investment round was led by Tikehau Capital through Brienne, its private equity cybersecurity strategy in partnership with the French Ministry of Defence’s Definvest fund, managed by Bpifrance.
3. **ProvenRun’s Expertise:** The company specializes in highly secure operating systems and applications for connected vehicles and smart devices, with their ProvenCore OS achieving the highest certification level (EAL7) in the Common Criteria.
4. **Advantages of ProvenCore:** The system offers long-term security-by-design, allowing manufacturers faster application development and certification, future regulatory compliance, and reduced maintenance costs.
5. **Industry Focus:** ProvenRun targets critical industries including aerospace and defence, automotive, and semiconductors, positioning themselves strongly within the Internet of Things (IoT) sector.
6. **Usage of Funds:** The Series A funding aims to boost ProvenRun’s product development, specifically in automotive security and Risc-V architectures, and to facilitate the company’s expansion into North America.
7. **Tikehau Capital’s Commitment:** Tikehau Capital stands behind the “secure-by-design” philosophy and supports the commercial potential of ProvenRun’s technology, using their private equity strategy, one of Europe’s largest for digital security.
8. **ProvenRun’s Vision:** The company aspires to elevate cybersecurity standards and instill trust in IoT, providing protection against remote cyber threats, with Tikehau’s investment set to accelerate ProvenRun’s growth.
9. **Defence Sector Endorsement:** The French Ministry of Defence, through DGA and Definvest, acknowledges ProvenRun’s pioneering role in securing embedded systems for civilian and military use, noting the contribution to national cybersecurity.
10. **Bpifrance Support:** Bpifrance, having initially supported ProvenRun’s R&D phase through grants, is now proud to continue backing the company as it enters a new growth phase, with the focus on cybersecurity for embedded systems.
11. **ProvenRun Profile:** ProvenRun aims to help customers integrate security within their infrastructure of connected smart devices at multiple levels, offering protection against remote cyberattacks.
12. **Tikehau Capital Profile:** Tikehau Capital is an asset management group with €42.0 billion managed as of September 30, 2023, delivering alternative financing solutions across multiple asset classes and geographies.
13. **Bpifrance Profile:** Bpifrance serves as the national investment bank of France, offering financial services including loans, guarantees, and equity investments to businesses at various development stages.
14. **Definvest and DGA Introduction:** Definvest, with funding from the French Ministry of Defense, collaborates with the DGA to invest in Defense Industrial and Technology Base (DITB) SMEs, encouraging independent development.
15. **Disclaimer:** The release includes a disclaimer noting that the strategy mentioned is for professional investors, and Tikehau Capital is not responsible for the use of the information provided nor for any decisions based on it.
*Note: Always refer to the original source document for full information and context.*