Cybersecurity software company ProvenRun has announced a €15m ($16.1m) fundraising round, with investment led by Tikehau Capital through its private equity cybersecurity strategy with the French Ministry of Defence’s Definvest fund.
ProvenRun has developed its ProvenCore secure operating system (OS) and apps for connected vehicles and smart devices, certified to EAL7 Common Criteria standard. According to the company, its ProvenCore system is a secure-by-design software solution intended to tackle challenges arising from the rapid growth of the Internet of Things (IoT).
The Series A funding will help accelerate ProvenRun’s product roadmap (automotive security applications, Risc-V architectures) and geographic expansion into North America.
Tikehau Capital’s investment is made through its private equity cybersecurity strategy, which currently stands as one of the largest private equity vehicles dedicated to digital security in Europe, stated the company.
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Speaking of the investment, Alexandre Lahousse, head of the Industrial Affairs and IE Department at France’s Direction Générale de l’armement (DGA), said that securing embedded digital systems was “at the very core” of the Ministry of Defnce’s digitisation strategy.
IoT key trend in industry
The global aerospace, defence, and security industry experienced a 50% decline in the number of IoT-related patent applications in Q3 2023 compared with the previous quarter. The total number of internet of things-related grants dropped by 38% in Q3 2023, according to GlobalData’s Patent Analytics.
The largest share of IoT-related patent filings in the aerospace, defence, and security industry in Q3 2023 was in the US with 59%, followed by South Korea (18%) and China (6%). The share represented by the US was 15% higher than the 44% share it accounted for in Q2 2023.
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