Exein Revenue, Valuation, Funding & Investors

Exein is valued at $1.7B as of September 2026.

See full Exein profile

Last Exein valuation

$1.7B

Undisclosed stage · Sep 2026

Last Exein funding round

$270M

Undisclosed stage · Sep 2026

Exein revenue

$23M

Series C · Jul 2025

Key investors in Exein

  • United Ventures
  • 33N Ventures
  • Partech
  • Balderton Capital
  • HV Capital
  • Lakestar

Exein Overview

About Exein

Exein is an embedded cybersecurity provider for IoT and connected devices in automotive, industrial, and consumer markets. Its firmware-integrated platform delivers runtime threat detection, behavioral analysis, and automated response without hardware modifications. Compatible with FreeRTOS, Zephyr, and Linux, Exein offers SDKs and APIs for developers. Barcelona-headquartered, it partners with chipmakers like STMicroelectronics for edge security.


Founded

2018

HQ

ItalyRome

Website

exein.io

Status

Privately held

Customer focus

B2B

Revenue model

Licensing, Subscription

Revenue

$23M (Jul 2025)

Valuation

$1.7B (Sep 2026)

Exein Valuation

Exein is currently valued at $1.7B, based on its undisclosed-stage round in September 2026.

The $270M round was led by European Investment Bank and Headline, with participation from Balderton Capital, KfW Capital, Geodesic Capital, Supernova Invest, Goldman Sachs and 6 other investors.

Exein's valuation has grown 2.1x from $805M at its Series C in July 2025 to $1.7B in September 2026, across 3 priced rounds.

Exein valuation by funding round

Revenue multiple
Exein valuation by funding round
DateStageValuationRevenue Multiple
Sep 2026Undisclosed stage$1.7B-
Dec 2025Undisclosed stage$822M-
Jul 2025Series C$805M35.0x

Exein Revenue

Exein's latest recorded revenue is $23M, as of its Series C in July 2025. At a $805M valuation, that implies a 35.0x revenue multiple.

Exein revenue by funding round

Exein revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2025$23M$805M35.0xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Exein Funding History

Exein has raised a total of $493M across 6 funding rounds.

Exein's first fundraising round was a $2M seed round in November 2018. The most recent completed round was a $270M undisclosed-stage round in September 2026.

Exein funding rounds

Exein funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2026Undisclosed stageEuropean Investment Bank (lead); Headline (lead); Balderton Capital; KfW Capital; Geodesic Capital; Supernova Invest; Goldman Sachs; 33N Ventures; T.Capital; Lakestar; HV Capital; Intrepid Growth Partners; Sofina$270M$1.7BHeadline led Exein’s September 15, 2026 financing, which raised $270 million at a $1.7 billion post-money valuation in an oversubscribed round structured around convertible preferred shares. Sofina, Goldman Sachs, the European Investment Bank Group through the European Tech Champions Initiative, KfW Capital and T.Capital joined as new investors, alongside returning backers Balderton, HV, Intrepid Growth Partners, 33N Ventures, Lakestar, Supernova Invest, Blue Cloud Ventures and Geodesic Capital; Exein also upsized a revolving credit facility led by J.P. Morgan, with KfW joining as an additional lender. The financing was used to accelerate US and APAC expansion, grow the team, open a new Bay Area office, and strengthen Exein’s ability to pursue M&A across Europe and the US as it consolidates its position in embedded security for physical AI. Exein is a Rome-based cybersecurity company focused on embedded security for robots, drones, vehicles and other connected machines that use AI in the physical world, building on its earlier IoT security platform. The company described itself as a global leader in embedded IoT cybersecurity and said the new capital would support global expansion; the financing made it one of Europe’s most valuable cybersecurity startups.
Dec 2025Undisclosed stageBlue Cloud Ventures (lead); Geodesic Capital; JPMorgan Chase; HV Capital; Intrepid Growth Partners$118M$822MExein is an Italian-based embedded cybersecurity company headquartered in Rome, providing AI-powered runtime protection directly inside device software to secure connected devices at the firmware level. The platform protects over 1.5 billion devices across critical sectors including industrial automation, automotive, energy, healthcare, semiconductors, aerospace, robotics, critical infrastructure, and advanced manufacturing, with expectations to surpass two billion devices in Q1 2026. Key partnerships include Kontron and MediaTek, and the solution ensures compliance with regulations like EU RED 3.3, Cyber Resilience Act, and US Cyber Trust Mark. On December 18, 2025, Exein raised €100 million in new funding led by Blue Cloud Ventures, with participation from HV Capital, Intrepid Growth Partners, Geodesic Capital, and J.P. Morgan (including both equity and a financing facility). This follows a €70 million Series C in July 2025, bringing total 2025 funding to €170 million (approximately $200 million). The capital will accelerate global expansion, particularly in the US and APAC (with a new Taipei office), develop next-generation embedded runtime security including AI-driven protections for AI infrastructure and large language models (initial unveil at RSAC 2026), and fund a multi-deal M&A program in Europe and the US in 2026. The company has become the world's largest embedded runtime security provider by devices protected, amid hyper-growth and rising cyberattacks on physical infrastructure.
Jul 2025Series CBalderton Capital (lead); United Ventures; Partech; Supernova Invest; 33N Ventures; Lakestar$80M$805MExein is a Rome-based cybersecurity startup specializing in embedded runtime security for connected devices, including IoT, AI infrastructure, automotive, energy, healthcare, and industrial sectors. Its technology provides real-time, firmware-level protection against cyberattacks, positioning it as a key player in securing the growing attack surface of physical devices. The company claims to have identified and fixed over 1 million vulnerabilities and leads globally by devices protected, with partnerships including Kontron and MediaTek. The July 2025 Series C round raised €70 million, led by Balderton Capital with participation from Supernova Invest, Lakestar, and follow-on from 33N Ventures, United Ventures, and Partech. This followed a Series B in July 2024 and fueled 450% year-over-year growth, global expansion (including a Taipei office), and plans for strategic acquisitions in cybersecurity. A subsequent €100 million funding in December 2025 (mix of equity led by Blue Cloud Ventures and debt from J.P. Morgan, with HV Capital, Intrepid Growth Partners, and Geodesic Capital) brought 2025 total funding to €170 million. This valued Exein at nearly €700 million post-equity, doubling from four months prior, with funds allocated to R&D, AI-driven security for LLMs (debut at RSAC 2026), M&A in Europe/US, and APAC/US growth. Exein's 2025 hyper-growth featured 5x year-on-year revenue increase, customer expansion in critical infrastructure and advanced manufacturing, and projection to exceed 2 billion protected devices by Q1 2026 amid rising regulatory demands.
Jul 2024Series B33N Ventures (lead); United Ventures; Redstone.VC; eCAPITAL; Partech; Future Industry Ventures$16M--
Sep 2021Series AeCAPITAL (lead); Future Industry Ventures (lead); Redstone.VC (lead); United Ventures$7M--
Nov 2018SeedUnited Ventures (lead)$2M--

Who has invested in Exein?

20 investors have backed Exein across its funding rounds, including United Ventures, 33N Ventures, Partech, Balderton Capital, HV Capital and Lakestar.

Lead investors include European Investment Bank, Headline, Blue Cloud Ventures, Balderton Capital, 33N Ventures and 4 other investors.


Exein Investors

Investors in Exein by funding rounds participated
InvestorHQRoundsRoleFirst check
United VenturesItalyItaly4LeadNov 2018
33N VenturesPortugalPortugal3LeadJul 2024
Redstone.VCGermanyBerlin2LeadSep 2021
Balderton CapitalUnited KingdomLondon2LeadJul 2025
eCAPITALGermanyMünster2LeadSep 2021
PartechFranceParis2ParticipantJul 2024
Geodesic CapitalUnited StatesSan Francisco, CA2ParticipantDec 2025
Supernova InvestFranceParis2ParticipantJul 2025
Future Industry VenturesGermanyBerlin2LeadSep 2021
LakestarSwitzerlandZurich2ParticipantJul 2025
HV CapitalGermanyMunich2ParticipantDec 2025
Intrepid Growth PartnersCanadaToronto2ParticipantDec 2025
KfW CapitalGermanyFrankfurt1ParticipantSep 2026

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Exein Competitors

Exein competitors include listed companies like Progress Software and CETC Cyberspace Security, and private ones like Verkada, Avathon, Incode and Point Wild.

Public and private companies comparable to Exein
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
VerkadaUnited StatesSan Francisco, CAPrivate--$5.8B-
AvathonUnited StatesSan Francisco, CAPrivate--$1.4B-
IncodeMexicoMexico CityPrivate$170M-$1.3B7.4x
Point WildUnited StatesBoston, MAPrivate-$150M$1.7B-
Progress SoftwareUnited StatesUnited StatesPublicly listed$978M$302M$1.7B2.9x
CETC Cyberspace SecurityChinaChinaPublicly listed$338M$20M$1.9B-

Exein Public Comps

Exein is still privately-owned, but its public comps include Progress Software, Willfar, Shenzhen Topband Co., Bittium, Fengzhushou, CETC Cyberspace Security, CloudWalk, Secunet, Sensirion and A10 Networks.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Progress Software$978M$302M3.0x2.9x9.6x7.3x
Willfar$444M$119M3.7x3.5x13.9x12.8x
Shenzhen Topband Co.$1.7B$124M1.1x1.0x14.6x12.6x
Bittium$137M$37M11.2x9.3x41.1x30.3x
Fengzhushou$312M$32M5.7x-56.1x-
CETC Cyberspace Security$338M$20M4.5x-73.6x-
CloudWalk$75M($75M)18.8x19.1x(18.7x)-
Secunet$528M$86M2.8x2.6x17.3x16.3x

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Common questions about Exein

When was Exein founded?Exein was founded in 2018.
Where is Exein headquartered?Exein is headquartered in Rome, Italy.
Is Exein publicly listed?No, Exein is a private, VC-backed company.
What is Exein's valuation?Exein was last valued at $1.7B in its undisclosed-stage round in September 2026.
How much funding has Exein raised?Exein has raised $493M across 6 funding rounds.
What was Exein's last funding round?Exein's last funding round was a $270M undisclosed-stage round in September 2026, led by European Investment Bank and Headline.
Who are Exein's investors?Exein's investors include United Ventures, 33N Ventures, Redstone.VC, Balderton Capital, eCAPITAL, Partech, Geodesic Capital, Supernova Invest, Future Industry Ventures, Lakestar and 10 others.
What is Exein's revenue?Exein's latest recorded revenue is $23M (July 2025).
What is Exein's revenue multiple?Exein's latest valuation implies a 35.0x revenue multiple ($805M valuation on $23M of revenue).
Which companies are comparable to Exein?Companies comparable to Exein include Verkada, Avathon, Incode, Point Wild, Progress Software and CETC Cyberspace Security.

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