After the ICT Prize in 2017, the 2017 "National Award for Innovation" and the 2018 National Award for Innovation "Prize of Prizes", Ermes Cyber Security, the Turin-based start-up born as a spinoff of Politecnico di Torino and grown within I3P - Incubator of Innovative Enterprises of Politecnico di Torino, announces a capital increase of €600,000.
Thanks to patented algorithms based on machine learning and big data, Ermes Cyber Security has devised Ermes Internet Shield, a fully automated solution that protects the corporate world in real time from cyber attacks generated by the web, while making corporate devices faster and ensuring companies lower costs in IT infrastructure.
One third of the capital increase was subscribed by internal shareholders, with a post-money valuation of €2.7 million: in addition to all employees of Ermes Cyber Security, Enrico Castellani, who is also a shareholder of Epicura and chairman advisory board of Enerbrain, and Angelo Italiano, Club degli Investitori Business Angel and Business Angel of the Year in 2016, joined.
Whereas, about €400,000 from AUCAP comes from Invitalia and was granted within the framework of the Smart&Start call, which aims to stimulate a new entrepreneurial culture linked to the digital economy, and to enhance the results of scientific and technological research: in this case, Ermes Cyber Security was assessed by the technicians of the Ministry of Economic Development, who deemed the entrepreneurial project worthy and high-tech.
"This capital increase is an important step for us not only in economic terms, but also because it demonstrates the confidence of investors in our work and in the technologies we are developing," says Hassan Metwalley, CEO of Ermes Cyber Security. "The capital increase will enable us to make our products even more sophisticated, while allowing us to start approaching foreign markets."