eCAPITAL
Portfolio
Company Exein
valued at $1.7 billion
five years after first investment
PORTFOLIO NEWS Five years after eCAPITAL first invested, the cybersecurity company Exein, founded 2018 in Rome by Gianni Cuozzo, is valued at $1.7 billion. The $270 million round is led by venture capital firm Headline. eCAPITAL has already invested as co-lead investor back in 2021, recognizing early a field that would become its own category only years later.
Exein’s software runs directly on the device. It monitors the device’s behaviour, detects suspicious activity, and blocks attacks before they can start. This approach, today known as runtime security, complements the search for flaws in source code with protection during operation. The software is used in industrial automation, robotics and the energy sector, among others.
Already at the time of its initial investment in 2021, eCAPITAL had pointed to a distinctive feature of Exein’s technology: the detection of malicious behaviour during live operation. The investment thesis behind this: the more connected industrial devices become, the greater the need for security functions that operate directly on the device and can scale across very large numbers of units.
eCAPITAL has particular expertise in cybersecurity and launched the first specialized cybersecurity fund in Germany in 2018. The responsible partners have built and led their own security companies themselves: Dirk Seewald at Innominate Security Technologies, a pioneer of industrial firewalls (mGuard); Willi Mannheims as founder and CEO of secunet and as CEO of escrypt.
When we invested in Exein, it was an open question how far this approach could scale, technically and commercially. From our own experience in industrial cybersecurity, we knew both the obstacles and the market potential. Gianni Cuozzo and his team have turned that technology into a business that is growing globally.
Dirk Seewald, Managing Partner, eCAPITAL AG
Today Exein’s technology protects more than two billion devices. Annual recurring revenue at the end of the first half of 2026 was four times higher than in the previous year. Exein now wants to further expand its reach through partnerships with semiconductor and industrial computer manufacturers, who will integrate the software directly into their platforms.
German machine builders, automation providers and electronics manufacturers can adopt security functions across entire product families instead of procuring them separately for each individual device. That is exactly where the market opportunity lies: industrial manufacturers need protection that integrates seamlessly into their development processes and scales with every new product series.
The EU Cyber Resilience Act adds further pressure. Since 11 September 2026, reporting obligations for actively exploited vulnerabilities and severe security incidents apply to covered products; the essential product requirements take effect on 11 December 2027. But a manufacturer can only report what it actually detects in the field. And that is exactly where Exein comes in.
Alongside Headline, participants in the funding round include Sofina, Goldman Sachs, the European Tech Champions Initiative of the EIB Group, KfW Capital and T.Capital, the investment arm of Deutsche Telekom, as well as other existing investors.
About Exein
Exein is a leading physical AI cybersecurity company headquartered in Rome, Italy, with operations across Europe, Asia-Pacific and the United States. Its AI-powered technology is distributed across more than two billion connected devices in sectors including industrial automation, automotive, energy, healthcare, semiconductors, aerospace and robotics. Through Photon, Exein delivers preemptive runtime security for connected devices, Physical AI, autonomous AI agents and cloud and edge infrastructure. The company is building the global standard for runtime cybersecurity and the digital immune system for connected life. www.exein.io
About eCAPITAL
Founded 1999 in Germany, eCAPITAL is a venture capital investor focusing on European early- and growth-stage deep-tech companies with a positive impact on society. With entrepreneurial spirit and assets under management totaling over €400 million, the eCAPITAL team is investing in the verticals of Cybersecurity + Defense Tech, AI Tech + Infrastructure Software, Climate Tech, New Materials + Semiconductors. In addition to financial resources, eCAPITAL offers its portfolio companies strategic support and access to an international network of entrepreneurs, scientists, investors and founders. For more information visit www.ecapital.vc.
Contact
Exein S.r.l.
Piazzale Flaminio 19
00196 Rome, Italy
Sayula Kirby, Burlington.cc
sayula@burlington.cc
www.exein.io
eCAPITAL ENTREPRENEURIAL PARTNERS AG
Aileen Tebbe
Hafenweg 24
48155 Münster, Germany
Tel.: +49 251 70 37 67 0
Email: info@ecapital.vc
www.ecapital.vc