This document summarizes Wavestone's 2019 French Cybersecurity Startups Radar. It identifies 136 cybersecurity startups in France in 2019, a 6% increase from 2018. Most startups are located in Paris and reinvent existing security solutions. Total funding for French cybersecurity startups has increased significantly since 2018, with over 100 million euros raised in seed or Series A funding. The document provides recommendations to further support the growth and success of French cybersecurity startups.

1. Gérôme BILLOIS
gerome.billois@wavestone.com
Partner
@gbillois
Gabriel AMIRAULT
gabriel.amirault@wavestone.com
Manager
Jules HADDAD
jules.haddad@wavestone.com
Senior Consultant

2. © WAVESTONE 2
Tier one clients
leaders in their industry
3 000 professionals
across 8 countries
Among the leading independent
consultancies in Europe,
n°1 in France
* Partenariats
Paris | London | New York | Hong Kong | Singapore* | Dubai* | São Paulo*
Luxembourg | Madrid* | Milano* | Brussels | Geneva | Casablanca | Istanbul* | Edinburgh
Lyon | Marseille | Nantes

3. © WAVESTONE 3
:
Startups by helping them boost
their commercial growth
WavestoneStartups
in order to develop our vision of
startups ecosystem

5. © WAVESTONE 5
1000
cybersecurity
startups in
our global
watch list
Global
watch on
cybersecurity
and digital
trust startups
Meetup
with ~3
startups /
month and
incubator
Our criteria
Headquartered in France Less than 35 employees Less than 7 years of existence
(except major business changes)
Validation through open sources and direct contact* with most of the startups in the Radar
* 80 % of the startups answered our 2019 survey

7. © WAVESTONE 7
25
Startups created since
January 2018
136
cybersecurity startups
in France in 2019
2017
2019
2018
Number of startups in our Radar
100
128
136

8. © WAVESTONE 8
> 35 employees
A surging number of
fast risers
Company’s buyout
A new trend: cybersecurity
solutions that attract bigger
vendors
> 7 years of existence
Shows that growth is not
easy or not a goal
Liquidated
A surprisingly low
number for startups,
but higher than last year’s
edition
52%
13%
13%
22%

9. © WAVESTONE 9
Over 1200direct jobs
87
39
10
Extra Small
(< 10 employees)
Small
(10-20 employees)
Medium
(> 20 employees)
Number of employees
56% increase in small
teams since last year’s edition
(-1%)
(+56%)
(+12%)

10. © WAVESTONE 10
Lyon
ParisRennes
Montpellier
Lille
Toulouse
Paris prevails, hosting 61%
of the startups
Relying on strong academic and
industrial tissue, other strong areas
emerge like Rennes and Lyon
Marseille
Nice

11. © WAVESTONE 11
58%
Reinvent
existing security
solutions
31%
Create
new security solutions
11%
Secure
new use cases
(IoT, cloud, etc.)44% of the startups created
since 2018 are creating
new security solutions

12. © WAVESTONE 12
With 5 start-ups created in
2018, Privacy is a
thriving topic
Deception
appeared but remains
hardly covered
AI & Blockchain
expertise helps designing
innovative security solutions
Secure
collaborative tools
for data exchange and crisis
management is a growing trend

14. © WAVESTONE 14
The 2019 French
CYBER-SECURITY
STARTUPS radar
by
CYBERCRIMINALS
USERS &
THEIR DEVICES
DATA
NETWORK
APPLICATIONS
NEW
TECHNOLOGIES
RISK MANAGEMENT
& COMPLIANCE

16. © WAVESTONE 16
100M€ has been raised in
seed or Series A funding since June
2018 (compared to 26M€ in last year’s
edition)
27% of our startups panel
declare being currently raising funds
13M
12M
10M 10M 10M
8M
5M
2.5M

17. © WAVESTONE 17
49%
63%
18%
Certification
18% of the startups have or are
acquiring the security visa from
the National Cybersecurity
Agency of France (ANSSI)
Proof of concept
63% of the startups’ POCs are
exclusively financed by the
clients.
International
49% of the startups already
have clients abroad.
Europe and the United
States are the preferred areas,
but Asia and Middle-East
appear as new options

18. © WAVESTONE 18
Market: Demystify
cybersecurity and push
for more investments
Market: Create a fully
dedicated cybersecurity
incubatorStartups: Focus
on the differentiator
and sell globally

19. wavestone.com
@wavestone_
M +33 (0)7 61 99 32 49
gabriel.amirault@wavestone.com
Gabriel AMIRAULT
Manager
riskinsight-wavestone.com
@Risk_Insight
securityinsider-wavestone.com
@SecuInsider
M +33 (0)6 10 99 00 60
gerome.billois@wavestone.com
Gérôme BILLOIS
Partner
M +33 (0)6 99 17 04 84
Jules.haddad@wavestone.com
Jules HADDAD
Senior Consultant

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