Box: secure, collaborative cloud content management
The company’s products include solutions for cloud file security such as intelligent threat detection, collaboration, including with partners and vendors outside the organisation, as well as workflow automation.
Its customers include the likes of Broadcom, Morgan Stanley, General Electric, AstraZeneca, Intuit and Allstate.
Recently, the company has integrated automated malware detection into its Box Shield product. The technology will automatically alert end users, IT and security teams when malware is detected, alongside restricting downloads and file sharing.
In , Jeetu Patel, Chief Product Officer, said: “With average cost of an attack reaching $2.6 million, malware has become one of the costliest security incidents facing businesses. Leveraging Box's unique preview technology, the automated controls in Box Shield minimize the impact of malware while allowing users to preview content without getting compromised. Additionally, the intelligent security alerts help enterprises act on the issue in minutes. These advances make it easier than ever to protect your business without getting in the way of work.”
An example of Box’s effect can be found in its work with implantable hearing solutions firm MED-EL, as the company’s Chief Digital Officer Martin Hairer . “As you can imagine for us with our business partners and clinics, data and information, exchange and collaboration is a very important topic. Everything we can improve in that regard has a tremendous impact on cost savings and quality and outcomes for the users. Before our cloud transformation here at MED-EL, we tried to maintain everything with data exchange tools. It's horrible to do this on your own. You need an army of cybersecurity specialists who keep only one tool up and running safely, and that’s exactly where Box came in. It provides us a really nice way to collaborate across the company and partners.”
Start-ups receive $60 billion investment, smash 2020 record
Start-ups on the continent have raised a massive 43.8 billion euros ($60.9 billion) in just the first six months of 2021, according to figures from Dealroom, surpassing the record 38.5 billion euros invested last year..
This is despite the fact that the number of venture deals signed so far is around half the amount agreed in 2020. Only about 2,700 funding rounds have been raised so far this year, compared to 5,200 last year.
Prime examples in times of change
Examples are Swedish buy-now-pay-later firm Klarna which has raised more than $1.6 billion in two financing rounds, the German stock trading app Trade Republic received $900 million in May and British payments provider Checkout.com snapped up $450 million at the start of the year.
The figures suggest that European tech firms are pulling in far larger sums of money per investment than in previous years, which defies the economic uncertainty of the pandemic and boosted online services enormously.
The CEO of Checkout.com, Guillaume Pousaz, said start-ups have often been created in times of crisis, citing the emergence of several new financial technology companies in the wake of the 2008 global financial crisis.
He added that big transformational change was often the time when there is the emergence of a lot of new start-ups, sometimes when people are losing their jobs for associated reasons.
UK leading the charge
Scale-Up Europe, a group that includes the founders of UiPath and Wise, proposed 21 recommendations to help the region build “the next generation of tech giants.” Among the suggestions are tax credits to corporates for investing in start-ups and regulatory changes that adapt to new innovations.
Sebastian Siemiatkowski, CEO of Klarna, said the U.K. leads Europe when it comes to tech policy, and that there were a number of regulatory issues needing to be addressed before the European Union can produce tech giants of its own.
Siemiatkowski highlighted EU regulation of web cookies as an example of “poor regulation.” Yet, as the number of $1 billion start-ups in Europe continues to grow, the number of exits in the continent is also increasing.
This year has already seen some notable acquisitions, including Etsy’s $1.6 billion purchase of U.K. fashion resale app Depop and JPMorgan’s takeover of London robo-advisor Nutmeg.
As for stock market listings, a number of notable debuts have taken place in London in particular, including food delivery app Deliveroo, cybersecurity firm Darktrace and reviews site Trustpilot. Money transfer giant Wise, formerly known as TransferWise, plans to go public in the U.K. capital soon.