French cybersecurity firm ProvenRun gets €15M from Tikehau Capital, others for IoT security advancements – Silicon Canals

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Paris-based ProvenRun, the cybersecurity software company, on Wednesday, December 6, announced that it has secured €15M in a Series A round of funding.

The funding round was led by Tikehau Capital, through its new vintage of Brienne, its flagship private equity cybersecurity strategy. 

The French Ministry of Defence’s Definvest fund, managed by Bpifrance, also participated in the round. 

The capital will help the company accelerate its product roadmap (automotive security applications, Risc-V architectures) and its geographic expansion into North America. 

“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 defense. Tikehau Capital’s investment will help us accelerate our development roadmap and international growth,” declares Dominique Bolignano, ProvenRun Founder and Chairman.

ProvenRun: Embedded security pioneers

Founded by Bolignano in 2009, ProvenRun offers the world’s most secure operating system (OS) and apps for connected vehicles and smart devices. 

The company’s product — ProvenCore, is the only OS to attain the highest certification level (EAL7) on Common Criteria, the leading global standard in computer security. 

Through a rigorous, mathematically verified method, it’s assured to be close to error-free, even in its machine code. 

The OS 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, and develop and certify applications faster, dramatically reducing their lifecycle maintenance costs.   

The company focuses on providing solutions for the aerospace and defense, automotive, and semiconductor industries. 

Their software solutions are designed with security in mind, enabling them to effectively address the challenges that arise from the rapid expansion of the Internet of Things (IoT). 

Their Trusted Execution Environment is among the best in its class, providing the highest protection against remote cyber threats.

The investors

Tikehau Capital is a global alternative asset management group with €42B of assets under management (on 30 September 2023).

The Parisian asset management group has developed a wide range of expertise across four asset classes (private debt, real assets, private equity, and capital markets strategies), as well as multi-asset and special opportunities strategies. 

Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors while generating positive impacts on society. 

Leveraging its strong equity base (€3.1B of shareholders’ equity on 30 June 2023), the firm invests its capital alongside its investor-clients within each of its strategies. 

“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.

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