Ukrainian Cybersecurity Startup LetsData Secures $1.6M to Combat Disinformation
In a world increasingly grappling with the insidious spread of disinformation, a Ukrainian cybersecurity startup, LetsData, has emerged as a beacon of hope, offering cutting-edge AI-powered solutions to detect and mitigate these threats. Founded in 2022 amidst the backdrop of the ongoing conflict, LetsData has rapidly gained recognition for its innovative approach to information operations (InfoOps) detection, securing a pre-seed funding round of $1.6 million (€1.55M). This significant investment, backed by a consortium of prominent venture capital firms and angel investors, underscores the growing global concern surrounding disinformation and the urgent need for effective countermeasures. LetsData’s impressive traction, achieving $1 million in annual recurring revenue (ARR) after just two years of bootstrapping, further solidifies its position as a rising force in the cybersecurity landscape.
LetsData’s platform addresses a critical vulnerability faced by organizations worldwide: the escalating sophistication of disinformation campaigns that manipulate public opinion, disrupt elections, and tarnish corporate reputations. Traditional methods of combating disinformation often prove inadequate against these evolving tactics, leaving organizations susceptible to significant damage. LetsData’s AI-driven technology offers a paradigm shift, providing real-time analysis of open-source data across over 100 million websites and social media platforms in more than 50 languages. This comprehensive approach enables the detection and mitigation of disinformation at its source, preventing its widespread dissemination and minimizing its potential impact. The platform’s advanced semantic understanding allows it to identify subtle nuances and patterns indicative of disinformation campaigns, outperforming traditional tools and providing actionable intelligence to understaffed organizations.
The pre-seed funding round, LetsData’s first external investment, marks a pivotal moment in the company’s trajectory. The investment was led by SMOK Ventures, a Polish/US venture capital firm, with participation from Wayra, Telefónica’s innovation arm in Germany, Tilia Impact Ventures, an EU-backed fund, 1991 Ventures from Ukraine, Google’s Ukraine Support Fund, Startup Wise Guys, and angel investors Pavla Bobosikova and Marty Krátký-Katz. This diverse group of investors brings a wealth of experience and expertise to the table, further strengthening LetsData’s position for future growth. The influx of capital will be strategically allocated to expand LetsData’s presence in the US and European markets, scale its technology to meet the burgeoning demand for disinformation countermeasures, and further enhance its InfoOps detection capabilities.
LetsData’s customer base already includes high-profile organizations such as the UK Foreign Office and NATO Armed Forces, as well as corporations across the US, UK, and Europe, highlighting the widespread recognition of the company’s value proposition. These organizations, operating in sectors particularly vulnerable to disinformation campaigns, rely on LetsData’s real-time security radar tools to proactively identify and address emerging threats. By providing actionable intelligence immediately upon deployment, LetsData empowers these organizations to effectively counter disinformation narratives and protect their interests.
The company’s founders, Ksenia Iliuk and Andriy Kusyy, bring a unique blend of technical expertise and entrepreneurial vision to LetsData. Their deep understanding of the evolving disinformation landscape and their commitment to developing cutting-edge solutions have been instrumental in the company’s rapid growth and success. With this latest investment, Iliuk and Kusyy are poised to lead LetsData to new heights, solidifying its position as a global leader in the fight against disinformation. Their SaaS business model ensures accessibility and scalability, enabling organizations of all sizes to benefit from LetsData’s advanced technology.
LetsData’s success story is a testament to the power of innovation and the importance of addressing critical global challenges. In a world increasingly reliant on digital information, the ability to identify and counter disinformation is paramount. LetsData’s AI-powered platform offers a crucial line of defense, empowering organizations to navigate the complex information landscape and protect themselves from the damaging effects of disinformation campaigns. As the company continues to expand its reach and refine its technology, it promises to play an increasingly vital role in safeguarding the integrity of information and promoting a more informed and resilient global community.