€400K EU subsidy for Codean

August 11, 2022

We are thrilled that the EU/Kansen voor West granted Codean €400K for further development of the review environment. This morning we published the following press release:

€400K EU subsidy to innovation for ethical hackers

Cybersecurity startup Codean receives a €400K subsidy from the REACT program. Goal is to further develop their toolbox which lets ethical hackers review code faster. After the €1M investment from TIIN Capital and five angel investors early 2022 this is a boost for product development.

Utrecht; August 12, 2022

Criminal hackers are moving ahead. The economy is taking a step back, but criminal hackers are taking a step forward. And thereby the need for cybersecurity experts is growing. Arthur Tolsma, Codean co-founder and CEO: “The digitization trend results in increasing opportunities for digital criminals. Certainly because software is becoming more and more complex, and because writing good software is something completely different from writing secure software”.

Subsidy for innovative toolbox. Codean receives €400K from the REACT program to further develop its review environment. Tolsma is pleased with this contribution: “Our previous investment of €1M gave us the opportunity to hire top quality people, and we have grown from 4 to a team of 11. Our review environment already helps security experts to work faster, but that can and should be improved because criminal hackers are also working smarter. This requires complex technology, which is why this subsidy is very important.”

Economic recovery after the Covid crisis. In response to the Corona pandemic, the EU has decided to set up a recovery program. Part of this is the REACT EU program, which focuses on a green, digital and resilient recovery of the regional economy. The Dutch organization ‘Kansen voor West’ is the implementing body that has granted this subsidy to Codean through this ERDF programme.

About Codean

Codean was founded in 2020 by Kevin Valk (an ethical hacker with 15 years of experience) and Arthur Tolsma (with 15 years of entrepreneurial experience). The startup is currently working with 11 employees on its mission to make the digital world a safer place. Codean does not believe in fully automated tools for software developers, because they show a lot of false positives and miss essential vulnerabilities. The human security expert is therefore essential, and Codean develops the review environment specifically for them. Codean supplies the review environment to security experts. And Codean provides software developers with advice on secure code (pentest 2.0), with their own team of security analysts using the review environment.

The press release (in Dutch) was amongst others picked up by:

€400K EU subsidy for Codean

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