- Czech cybersecurity startup ELLIO Technology, formed by a group of ex-Avast experts, secures pre-seed investment to empower security teams to prioritize and effectively react to threats that pose a real risk.
- The startup was backed by the Czech VC Presto Ventures, with funding of more than €1 million.
- With the new investment, ELLIO Technology plans to expand its network of internet sensors to collect data and gain insights into patterns and anomalies of Internet noise.
The majority of enterprises receive more than 10.000 security alerts daily. However, about a third of the alerts are false positives, leading to a significant waste of resources. The time and financial efforts to fight cyber attacks cost companies trillions of dollars annually.
With the global Security Information and Event Management market expected to grow from $3.9 billion in 2020 to an $18 billion industry by 2030, ELLIO Technology enters a promising market.
“While security analysts may focus their attention on addressing the large number of alerts generated by botnets and amateur hackers, the real threat actor can easily evade detection and slowly infiltrate a corporate network undetected. As a helping hand, we enable security teams to spend less time on Internet noise and focus their limited resources on emerging targeted threats. Our solution leads to increased team efficiency by filtering irrelevant alerts from relevant ones 24/7/365,” Vlad Iliushin, Co-Founder and CEO at ELLIO Technology explains.
Focusing on the real security threats with ELLIO Technology
The ELLIO Technology founding team’s background comes from one of the most successful and globally recognized Czech IT companies, the multinational cybersecurity software Avast. The team is composed of experts in the field of Cybersecurity and Product Development (Vlad Iliushin), Big Data and Machine Learning (Petr Kaderabek), Data Security and Compliance (Mirek Umlauf), and Communications and Marketing (Jana Tomasikova).
With a dynamic firewall list and a combination of machine learning and human intelligence, the ELLIO Technology solution provides security teams with a context for attacks. The startup allows a fast, efficient, and accurate categorization of potential security incidents.
Using advanced filtering capabilities, the ELLIO Technology solution effectively screens out generic and random attacks, streamlines the triage process, and reduces alert overload. The solution runs in real-time with sub-second latency, delivering actionable insights and enabling security teams to take proactive measures to protect their organization.
The startup aims to cooperate with clients from medium to large organizations with security teams of any size. With a main differentiation point of a real-time updated dynamic firewall, ELLIO Technology allows for low time, capacity, and financial costs of integrating, maintaining, and servicing their solution.
“Backing a Czech cybersecurity company with an ex-Avast team on board is a surefire way to ride the waves of success in this booming industry. The region has already proven itself as a cybersecurity powerhouse, thanks to the impressive track records of companies like Avast and AVG. With a strong foundation of talent and experience, ELLIO Technology is well-positioned to make a significant impact and become a major player in the field,” says Eduard Kucera, Partner at Presto Ventures.