As per Dealroom, in the first half of 2023, French startups attracted $4.8 billion in VC investment. France ranked 3rd in Europe and 6th globally for venture capital investment in the first half of the year. The country alone attracted a quarter of the funds raised in the EU. In this period, we saw companies such as Mistral AI, Pigment, and Filigran raise investments. The trend seems to continue in the second half as well with French startups such as Toopi Organics, Stockoss, and BioSerenity securing funding.
Now, ProvenRun, a Paris-based cybersecurity software company, has snapped a €15 million fundraising round. This investment was led by Tikehau Capital (which recently completed its first close at €200 million), through its dedicated private equity cybersecurity strategy with the French Ministry of Defence’s Definvest fund, managed by Bpifrance, known for investing in Quandela and GenSensor.
The French cybersecurity firm will use the investment to accelerate the product roadmap (automotive security applications, Risc-V architectures) and the geographic expansion to North America.
Secure OS and apps for smart devices
Founded by serial entrepreneur Dominique Bolignano in 2009 in Paris, ProvenRun offers the world’s most secure operating system (OS) and apps for connected vehicles and smart devices. ProvenCore, its flagship product, is the only operating system to achieve the highest Common Criteria certification level (EAL7).
ProvenRun’s mission is to provide customers with the Trusted Products and Services that will help them embed security within their infrastructure of connected smart devices wherever this is required, at the chip, device, edge or cloud levels.
Further, ProvenCore provides security-by-design for the long term, rather than reacting to and firefighting threats. Carmakers and IoT device builders can attain best-in-class cybersecurity, develop and certify applications faster, get ahead of future regulatory requirements and reduce their lifecycle maintenance costs.
ProvenRun’s technology focuses on critical industries, with a focus on aerospace and defence, automotive and semiconductor sectors. Its secure-by-design software solutions tackle the challenges arising from the rapid growth of the Internet of Things (IoT) and achieving the highest available protection against remote cyber threats.
“Since entering the cybersecurity sector as investors, Tikehau Capital has unwaveringly embraced the “secure-by-design” philosophy. The solutions crafted by ProvenRun stand as an outstanding example of fortifying the foundations of embedded software for critical architecture. We have full confidence in ProvenRun’s commercial potential and its dynamic leaders, Dominique Bolignano and Thierry Chesnais,” declared Gilles Daguet, Head of Tikehau Capital’s Private Equity Cybersecurity Strategy.
“ProvenRun’s ambition is to raise the standards of cybersecurity and build trust in the Internet of Things. Remote cyber threats are rising and our formally proven OS provides the best line of defence. Tikehau Capital’s investment will help us accelerate our development roadmap and international growth,” declared Dominique Bolignano, ProvenRun Founder and Chairman.
IGA Alexandre Lahousse, Head of the Industrial Affairs and IE Department (DGA) added: “Securing complex embedded systems is at the very core of the Ministry of Defence’s digitisation strategy. Provenrun is a pioneer in this field, with state-of-the-art technology for both civilian and military applications. It will now be able to take on a new dimension in the cybersecurity sector, making an active contribution to the cybersecurity of connected systems.”
“After financing its R&D stage with grants, Bpifrance is proud to continue to support this breakthrough technology in this new stage of its development. Targeting the cybersecurity market for embedded and critical architecture with a best in class secure OS, ProvenRun fully respond to sovereignty and national defense issues in line with Definvest investment strategy,” added Stephane Lefevre Sauli, Senior Investment Director of Bpifrance.
