Image credits: Artemis Diana/Getty Images
binarizea London-based startup building a toolset for digital forensics and incident response, this week raised a Series A round led by Molten Ventures with participation from Cisco Investments, Citibank Ventures and Deutsche Bank Ventures. announced that it had raised $19 million.
Founder and CEO Emre Tinastepe said this tranche brings Binalyze’s total funding to $30.5 million. In his own words, the focus will be on “reacting effectively to market conditions” and “continue to scale rapidly.”
“Their mission was, and remains, to disrupt and innovate the digital forensics industry and make forensics available for a broader range of use cases,” Tinaztepe told TechCrunch in an email interview. “To democratize digital forensics, we needed to make it ultra-fast, remote, scalable, automated, and integrated with other security platforms.”
Binalyze’s funding comes at a tough time for cybersecurity startups, at least in terms of capital flowing through the sector. Startups in the cyber space received approximately $2.7 billion in VC funding in the first quarter of 2023, up from $2.4 billion in the fourth quarter of 2022. However, this was a 58% decrease from his $6.5 billion received by these startups in the first quarter of 2022. according to To crunch base.
Vinalize, which Tinasteppe founded after stints at antivirus companies Comodo and Zemana, found early success by securing military and government contracts in “multiple regions” around the world. Tinastepe declined to say exactly where. Binalyze also has undisclosed enterprise customers, and Tinastepe expects the team to grow from 80 people to about 110 by the end of the year.
So what does Binalyze’s product do? Tinaztepe walks us through the high-level features.
Binalyze begins by collecting various types of digital forensics, including data breach evidence, across clouds, network assets, and devices such as laptops and desktops. Once evidence is collected, Binalyze moves it to a triage tool that can assist in remediation by automatically analyzing the data.
![binarize](https://techcrunch.com/wp-content/uploads/2023/09/MicrosoftTeams-image-8-3.webp)
![binarize](https://techcrunch.com/wp-content/uploads/2023/09/MicrosoftTeams-image-8-3.webp)
Image credits: binarize
To be sure, Binalyze is not the only platform to do this. Recently, Thoma Bravo Digital agreed to acquire his forensics company Magnet Forensics, which provides similar software for investigating cybersecurity threats. Also, his Cado Security, a cloud-native digital forensics platform, helps his security team perform forensic work.
However, Tinaztepe argues that Binalyze’s focus on investigation and collaboration rather than blocking and monitoring sets it apart from existing solutions. “It also differs from traditional forensics solutions because it is completely browser-based, fast, remote, collaborative, and automated,” he added.
The extent to which that is the case is debatable. But there’s definitely strong demand for the kind of product Binalyze is building.mordor intelligence project The digital forensic tools market is expected to grow from $5.89 billion in 2023 to $10.82 billion by 2028.
“We clearly recognize the emerging market and requirements for modern digital forensics. As a response to companies Cyber recovery strategies and the idea of “assume a breach.” This category is currently handled by only a few incumbents, and Binalyze considers itself a leader in this field,” Tinastepe said. “Binalyze provides powerful investigative capabilities through automation, integration, and collaboration, reducing the time required to conduct an investigation and, as a result, the costs and risks associated with it.”