The story

Exein raised $270 million in a funding round led by Headline, with participation from Sofina, Goldman Sachs, Balderton Capital, and others. The round values the Rome-based startup at $1.7 billion, a 30-fold increase in two years. Exein is now Europe's third most valuable cybersecurity startup, according to PitchBook data, behind Terra Quantum and Nord Security. One outlet reported Exein as the most valuable cybersecurity startup in Europe.

Founded in 2018, Exein originally focused on securing internet of things devices by embedding cybersecurity code directly into them. The company now targets physical AI, providing security for AI-powered robots, drones, self-driving cars, sensors, and other connected devices. Exein claims to have secured more than 2 billion connected devices in sectors including aerospace, industrial automation, automotive manufacturing, energy, healthcare, and semiconductors. The company reported annual recurring revenue during the first half of 2026 increased fourfold year-over-year.

Exein launched Photon in March, a runtime security solution designed to block malicious code at the kernel level before it executes. The company plans to develop a proprietary foundation model trained on two years of machine telemetry from over two billion connected devices, with the model expected to be ready in the first quarter of 2027. Exein intends to use the funding for acquisitions and to expand in the U.S. and Asia Pacific, which currently drives half of its revenue. VC funding for European cybersecurity startups has reached about $2.8 billion this year and is on track to exceed last year's total, according to PitchBook data.