French startup ProvenRun secures £15m for cybersecurity expansion
French startup, ProvenRun, has successfully raised 15 million in a Series A funding round, aimed at transforming cybersecurity and expanding its market reach, particularly into North America. The funding was led by the global alternative asset manager, Tikehau Capital, via its private equity cybersecurity strategy, Brienne, in partnership with the French Ministry of Defence's Definvest fund, managed by Bpifrance.
Founder Dominique Bolignano has built ProvenRun's reputation on providing the world's most secure operating system (OS) and applications for connected vehicles and smart devices. The firm's established product, ProvenCore, is distinguished as the only OS to achieve the highest certification level (EAL7) on Common Criteria, the leading global standard in computer security. Through rigorous, mathematically verified procedures, ProvenCore is acknowledged to be near error-free, even when it comes to machine code.
ProvenCore's offering of security-by-design ensures long-term protection, replacing reactive measures with comprehensive and advanced defences. Essentially, this allows carmakers and IoT device builders to achieve superior cybersecurity, develop and certify applications more rapidly, surpass future regulatory requirements, and significantly cut lifecycle maintenance costs.
ProvenRun's pioneering technology targets critical sectors, particularly focusing on the aerospace and defence, automotive, and semiconductor industries. The company's secure-by-design solutions are aptly constructed to handle challenges presented by the swift growth of the Internet of Things (IoT). Utilising its top-class Trusted Execution Environment, ProvenRun has proven vital to embedding software security in software-defined vehicles for car manufacturers and tier 1 suppliers, as well as in microcontrollers for chip makers such as STMicroelectronics.
Gilles Daguet, Head of Tikehau Capital's Private Equity Cybersecurity Strategy, voiced his support for ProvenRun's solutions, stating, "The solutions crafted by ProvenRun stand as an outstanding example of fortifying the foundations of embedded software for critical architecture." He further expressed confidence in ProvenRun's potential for commercial success and its dynamic leadership, including ProvenRun Founder and Chairman, Dominique Bolignano.
IGA Alexandre Lahousse, Head of the Industrial Affairs and IE Department (DGA), recognised ProvenRun as a pioneer in securing complex embedded systems, making it a crucial part of the Ministry of Defence's digitisation strategy. Additionally, StephaneLefevre Sauli, Senior Investment Director of Bpifrance, emphasised ProvenRun's role in addressing national defence and sovereignty issues through targeting the cybersecurity market for embedded and critical architecture.
Cementing the significance of this fundraising, ProvenRun founder Dominique Bolignano shared, "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."
