As artificial intelligence creates new opportunities for businesses, it is also opening new doors for cybercriminals, making digital security a strategic priority for companies and governments alike. French venture capital firm Auriga Partners is increasing its commitment to this growing sector, securing €80 million for its second dedicated cybersecurity investment fund. The new fund will support early stage European startups developing technologies to protect digital identities, sensitive data and emerging AI systems.
New Fund Targets €100 Million
Auriga Cyber Ventures II has reached an interim close of €80 million and is targeting a final fund size of €100 million, with a hard cap of €120 million. The fund builds on Auriga’s first €55 million cybersecurity fund, launched in 2022, and reflects the firm’s continued focus on strengthening Europe’s cybersecurity ecosystem.
The fund has received institutional support from Bpifrance through the French National Seed Fund No. 3, managed on behalf of the French state under the France 2030 investment plan. It is also supported by the European Investment Fund through the European Union’s InvestEU programme.
Auriga plans to invest in approximately 30 European startups, focusing on companies at the pre seed, seed and Series A stages.
Investment Strategy Focuses on AI Security
The fund will make initial investments ranging from €500,000 to €5 million, primarily taking minority equity stakes in portfolio companies. Approximately half of its capital will be reserved for follow on investments, allowing Auriga to provide additional funding to promising startups as they grow.
Its investment strategy centres on three major areas: AI security, identity protection and data security.
AI security has become increasingly important as organisations integrate AI models and automated agents into business operations. These systems introduce new risks involving data exposure, unauthorised access, model vulnerabilities and misuse.
Identity protection and data security remain equally important as businesses manage growing volumes of sensitive information across cloud platforms, digital services and interconnected systems.
According to Geoffroy Rosset, managing partner at Auriga Partners, Europe has the talent and technology needed to develop globally competitive cybersecurity businesses, but founders require substantial capital and specialised support to realise their potential.
Four Startups Already Join the Portfolio
Auriga Cyber Ventures II has already invested in four companies developing solutions across different areas of cybersecurity.
Finovox focuses on preventing document fraud, helping organisations identify suspicious or manipulated documents. Fleuret develops AI powered automated penetration testing technology designed to identify security weaknesses. Mankinds specialises in AI systems auditing and compliance, while Nextident focuses on securing AI agents.
These investments reflect the fund’s interest in technologies addressing both established cybersecurity challenges and emerging risks associated with artificial intelligence.
Auriga is evaluating further opportunities and aims to complete another two to three investments before the end of 2026.
Building on an Established Track Record
Auriga has backed 30 European cybersecurity startups over the past five years and says it has evaluated more than 2,000 companies in the sector since 2022.
Its earlier investments include cybersecurity businesses such as Wallix and Vade, alongside enterprise software company Nexthink. Auriga reports that its investments in Vade and Nexthink generated more than €500 million in distributions to investors during 2025 and 2026.
The firm’s first cybersecurity fund has significant exposure to emerging technology, with approximately 40% allocated to AI related technologies and 32% to defence applications.
Support Beyond Capital
Auriga’s strategy extends beyond financial investment. Its network includes founders and executives associated with cybersecurity companies such as Wallix, Vade, Sentryo and Oodrive.
Through these relationships, portfolio companies can access industry expertise, business development opportunities, investor connections and guidance on international expansion.
William Lecat, managing partner at Auriga Partners, has emphasised that practical support is particularly important in cybersecurity, where technical complexity and evolving threats can create significant challenges for young companies.
With €80 million already secured and a target of €100 million, Auriga Cyber Ventures II aims to strengthen Europe’s ability to develop internationally competitive cybersecurity businesses while supporting founders building solutions for an increasingly complex digital environment.