ECLECTICIQ (EGFF)

Promoter – Financial Intermediary

ECLECTICIQ BV

Location

• The Netherlands

Description

Founded in 2014, EIQ is a cybersecurity company that has developed a Threat Intelligence Platform. This software provides intelligence on cyber threats, enabling users (cybersecurity analysts of each organisation) to analyse threats and to adopt a proactive approach to cyber defence customised to each organisation.

Additionality and Impact

The project supports the policy objective of innovation and digitalisation, as the project supports the development, deployment and market creation of new innovative technologies in the field of Cybersecurity. The global cost of cybercrime is estimated to be close to1 percent of global GDP, according to Center for Strategic and International Studies. By enabling public and private organisations to proactively monitor, prevent or remediate cyber-threats, the project contributes to protecting public goods, as well as addressing market information gaps between information users and cybercriminals, the latter using increasingly sophisticated techniques to steal sensitive data, spread fake news and adversely affect information security and trust.
The promoter is an innovative Cyber Threat Intelligence scale-up offering intelligence content as well as a technology platform. It has well-developed technology capabilities, highly qualified R&D, and an organisational structure in support of its ambitious growth strategy. The project will help the promoter strengthen its contribution to improving the overall level of cybersecurity in the EU, in line with the EU Cybersecurity Act, and beyond.
Shortage of mid-to-long-term financing typically hampers growth prospects of start-ups in this sector, reflecting their low revenue early risk profile. By addressing a market gap in available financing options, EIB financing allows the company to finance its investment plan and accelerate the deployment of its growth strategy.

Objectives

EclecticIQ is an innovative growth stage company, which plans to scale up its activity by reaching new clients and continuously improving its technology and solutions. Therefore, the EIB financing will mainly support the company in its research and development (R&D) investments as well as in its commercial expansion.

Sector(s)

• Services - Information and communication

Proposed EIB finance (Approximate amount)

EUR 15 million

Total cost (Approximate amount)

EUR 31 million

Environmental aspects

The project activities do not fall under Annexes I or II of the EU Directive 2014/52/EU amending the EIA Directive 2011/92/EU. The project will be carried out in existing facilities, already authorised, that will not change their scope due to the project. As such, the project activities are not subject to a mandatory environmental impact assessment (EIA).

Procurement

The Promoter is a private company not operating in the utilities sector and not having the status of a contracting entity, and is thus not subject to EU rules on public procurement. Under these conditions, the procurement procedures followed by the Promoter are suitable for the project.

Status

Signed - 30/08/2021