PRESS RELEASE
The funds raised will enable TrueScreen to consolidate its patented cybersecurity technology and accelerate expansion across borders, with the goal of becoming the international standard for legally enforceable data acquisition and management.
Milan, September 25, 2024 – CYSERO EuVECA, the only Italian fund focused on cyber, robotics, and AI, promoted by AVM Gestioni SGR S.p.a. Gestore EuVECA Società Benefit, along with Kilometro Rosso – the science and technology park in Bergamo – has led a €2.4 million investment in TrueScreen, a leading cybersecurity company specializing in the acquisition, signature, and management of data with legal and evidentiary value.
Selected in 2023 as one of the top 5 most promising cybersecurity startups globally by PwC Luxembourg, TrueScreen already serves banks, insurance companies, and other multinational corporations. Its technology enables businesses, institutions, and citizens to guarantee the authenticity and immutability of digital content such as photos, videos, screenshots, emails, signatures, and data streams. TrueScreen’s services, besides providing legal and evidentiary value, prevent data manipulation and deepfake generation, particularly those created through AI.
Alongside Cysero VC, the funding round saw participation from a group of strategic investors such as Smeup, through the CVC S2Capital, Growth Engine, Fin+Tech Accelerator (the CDP Venture Capital National Network’s accelerator program dedicated to Fintech and Insurtech), Pathfinder Investor, Encelado Ventures, B-Yond Venture, and prominent business angels like Mariano Spalletti, Managing Director of Qonto Italy, and Alessandro Petazzi, co-founder and former CEO of Musement (now TUI Musement).
The funding will allow TrueScreen to strengthen its competitive position both in Italy and internationally, consolidating the product-market fit achieved in its first two years of operation. The capital will be invested in enhancing the proprietary technology, expanding the functionality of its SaaS product, developing new technology and commercial partnerships, and bolstering its sales and marketing teams to drive national and international growth.
“The exponential evolution of technology (not just AI) magnifies the trust issue in digital information, which is becoming increasingly easier to manipulate. In every social or economic sector, it will soon be mandatory to adopt solutions capable of ensuring data reliability from the very start. TrueScreen’s mission is precisely this: to restore trust in digital information by providing advanced technologies for reliable data management to businesses, institutions, and citizens. This funding will enable us to solidify our market position and further accelerate our growth. The support of such authoritative investors confirms the effectiveness of our vision, strategy, and technology,” said Fabio Ugolini, CEO and co-founder of TrueScreen.
The founders Giuseppe Travasoni (CTO) and Fabio Ugolini (CEO)
“We strongly believe in the growth potential of TrueScreen’s technology. Our fund’s entry into the company’s capital will allow it to grow much faster, thanks to our support and the expertise we bring,” said Giovanna Dossena, Principal of AVM Gestioni SGR. “This investment fits perfectly with Cysero’s policy of supporting companies with the potential to profoundly innovate the sectors in which they operate.”
Through its patented forensic data acquisition technologies, the company – founded in 2022 by Fabio Ugolini and Giuseppe Travasoni – ensures the secure and efficient management of information in various application areas, particularly in the insurance, banking, real estate, logistics, journalism, and private sectors. TrueScreen is used whenever the collected data holds economic, legal, or social value and needs to be guaranteed in terms of authenticity and immutability to prevent fraud, disputes, and misinformation.
Used by multinationals, system integrators, consulting firms, and public administrations, the platform ensures data authenticity, efficiency in processes, and compliance with international regulations. The technology is offered as a SaaS solution, accessible via mobile apps and a web platform, or easily integrable through APIs and SDKs.
Cysero VC is the first Italian Venture Capital fund exclusively focused on cybersecurity, robotics, and AI. Launched in 2021, it has completed 12 investments to date and achieved one exit. The team that led the investment includes key members Sandro Etalle, who joins the Board of Directors, Luca Todesco, and senior Investment Manager Edoardo Bosio.
Growth Capital, a tech investment bank within the Venture Capital ecosystem, coordinated the deal as the financial advisor. The legal team was led by the law firms Gianni & Origoni and Grimaldi Alliance, both highly specialized in corporate and venture capital transactions. In the practice area, GOP’s team included partner Federico Dettori, counsel Rodrigo Boccioletti, managing associate Matteo Canonico, and associate Edoardo Mura, while Grimaldi’s team included partner Lorenzo Bianchi and counsel Filomena Zonno.
The round was completed as part of A-Road, Growth Capital’s acceleration and fundraising program. TrueScreen was selected for the fourth batch and was mentored by Alessandro Petazzi.
AVM Gestioni SGR
AVM has been active in Private Equity and Venture Capital since 1995, working with a network of Italian entrepreneurs and institutional investors. AVM’s investment teams are specialized in supporting the development of Italian SMEs, helping them realize their growth potential through aggregations and medium to long-term strategies. AVM invests through dedicated funds in sectors such as Life Essentials (Food & Beverage, Health & Beauty, Domotics), robotics, cybersecurity, and impact finance. Giovanna Dossena is Principal and Co-founder.
TrueScreen
Founded in 2022 by Fabio Ugolini and Giuseppe Travasoni, TrueScreen is a leading cybersecurity company specializing in the acquisition, signature, and management of data with legal and evidentiary value. TrueScreen’s mission is to restore trust in digital information by developing proprietary technologies that counter fraud, disputes, and misinformation. The company aims to become the international standard for the acquisition and management of indisputable data. TrueScreen provides secure and efficient solutions for forensic and legal acquisition of multimedia content, document signing, and certification of data and online communications. The platform is used by multinationals, system integrators, consulting firms, and public administrations to ensure information authenticity, streamline processes, and comply with international data management regulations. Available as a SaaS solution, TrueScreen can be easily integrated via mobile applications, web services, or APIs/SDKs.
