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Riot plans to open new offices and hire more staff
Paris-based startup Riot has raised around €29 million in Series B funding. The lead investor was Left Lane Capital, joined by existing partners Y Combinator, Base10 and FundersClub.
Riot is a cyber security software platform. The total capital received by the startup after the funding round reached €43.3 million. The company plans to use the funds to:
- strengthen product development;
- open two new offices;
- double the number of employees by 2026.
Interest in the startup stems from the urgency of cybersecurity issues. Thanks to the development of AI, hackers are constantly improving their methods. They carry out targeted and multi-layered attacks that are difficult to detect. Co-founder Benjamin Netter stresses that Riot’s mission is to protect the employees of various organisations from cyber fraudsters. To achieve this goal, the company is creating innovative tools to prevent threats to businesses.
Artificial intelligence and easy access to digital data are expanding the opportunities for hackers. Attackers often target employees who are easy to manipulate. According to statistics, phishing attacks have increased by 1265% in the last two years. It highlights the need for better protection.
The Riot platform is designed to detect fraudulent schemes. The software provides critical data to help improve employees’ cybersecurity. The solution is now suitable for organisations across all industries, providing comprehensive protection for small businesses and large enterprises alike.
Platform features
The platform provides seamless integration with the IT stack to analyse employees’ cyber locations. The solution helps to detect the lack of multi-factor authentication on various services. The system alerts users to a potential threat and directs them to a remediation tool. To do this, the platform uses Albert, a virtual companion. It gives the user recommendations on how to deal with the threat. Albert uses enterprise applications such as Slack or Microsoft Teams to communicate. This approach helps close the loopholes that cyber fraudsters can use to exploit employee vulnerabilities.
In addition, Riot’s activities focus on raising employee awareness of online threats.
About the startup
Benjamin Netter and Louis Sibaud founded Riot in Paris in 2020. In its early stages of development, the project received support from Y Combinator. The startup currently works with more than 1,500 companies across multiple industries, including L’Occitane, Mistral AI, Modern Treasury, and others. In 2024, Riot’s revenue totalled €9.6 million, demonstrating the project’s stable growth.