Pomegra
Hadrian, the Amsterdam and London security startup, has raised €35.7M ($40M) to scale its agentic AI offensive-security platform across EMEA and the US.
Key Takeaways
- Hadrian raised €35.68M ($40M) in a Series B co-led by Forgepoint Capital International and SmartFin.
- Total funding reaches about €58M ($65M); valuation was not disclosed.
- The money funds EMEA and US expansion and larger engineering and research teams.
Lead
Hadrian, an agentic AI offensive-security company founded in Amsterdam in 2021, announced a €35.68M ($40M) Series B on October 6, 2026. The round was co-led by Forgepoint Capital International and SmartFin. Existing backers HV Capital, Motive Partners, Picus Capital and Oetker Ventures also took part. The round brings total capital raised to roughly €58M ($65M), which implies about $25M was raised before it. Valuation was not disclosed.
What Does Hadrian Actually Sell?
Hadrian sells software that attacks a customer's own systems the way an intruder would, then reports which weaknesses can really be exploited. The platform has two products. Atlas continuously discovers assets, maps the external attack surface and confirms which exposures are exploitable. Nova runs on-demand, compliance-ready penetration tests using purpose-built AI agents that Hadrian's own offensive-security staff train.
The two feed each other. Atlas tells Nova where to test first, and attack paths validated by Nova sharpen Atlas's assessments. The company positions this against periodic, human-run pentests and against scanners that list thousands of theoretical flaws without proving any of them matter.
Who Is Backing It, and What Does the Round Signal?
The round is led by two investors that were not previously on the cap table, with all four earlier backers returning. Insider participation in a round this size suggests continued confidence from existing investors, though the terms behind that confidence are not public.
Forgepoint's investment thesis is that AI-enabled attackers now move faster than defenders working on a quarterly testing cycle. Damien Henault of Forgepoint said Hadrian's "AI native always-on solution delivers both depth and breadth and helps customers focus on genuine issues and risks."
The figures are modest by recent AI-security standards. A €35.7M Series B is a working-capital round for a company with more than 80 staff, not a land grab. Revenue, annual recurring revenue and growth rates were not disclosed, so the market has no way to judge the multiple.
How Is the Company Measuring Its Own Results?
Hadrian claims customers see 10x greater visibility into critical exposures, 80% faster time to resolution and 5x return on investment compared with manual penetration testing. These are the company's own figures, and no methodology or customer sample was published.
The named customer list is more verifiable. It includes McKesson, NBCUniversal, TotalEnergies, Amadeus, Leroy Merlin, Damen Shipyard and the private equity firm Francisco Partners. Hadrian also says it has been named a leader by GigaOm, Gartner and Frost & Sullivan.
CEO Rogier Fischer said that "AI can work much faster than any human offensive security team," and that Hadrian built a platform that emulates hackers' attack paths.
Where Will the Money Go?
The proceeds go to expansion across EMEA and the US, and to deeper investment in engineering and research. Hadrian's offices are in Amsterdam (headquarters), London, Paris, Madrid and the San Francisco Bay Area. The US is the larger market for enterprise security spending, and the Bay Area presence suggests Hadrian wants more of its pipeline there.
The founders are Fischer as CEO, Olivier Beg as Chief Hacking Officer and Maurice Clin as Chief Business Development Officer.
What Comes Next for Autonomous Pentesting?
The category is crowded, and the main question is whether autonomous agents can match senior human testers on complex targets. Buyers will likely keep paying for human-led tests where regulation or audit demands them. Hadrian's hybrid design, with human experts training the agents, is built for that.
The second pressure is price. If AI agents cut the cost of a test, customers may run them continuously and shift budget from annual engagements to subscriptions. That favors vendors who can show exploit validation rather than raw findings.
Outlook
Hadrian now holds about €58M in lifetime funding, a customer list heavy with large enterprises, and a mandate to grow in EMEA and the US. The next test is whether it can publish growth numbers that support its efficiency claims, and whether larger exposure-management vendors narrow the gap in agentic testing. Valuation and revenue remain undisclosed.
