Hadrian, an Amsterdam company that uses AI agents to probe its customers' systems the way an attacker would, has raised a $40m Series B round. Forgepoint Capital International and Smartfin co-led the round, which Hadrian announced on 6 October 2026.
Existing investors HV Capital, Motive Partners, Picus Capital and Oetker Ventures also took part. Smartfin, the investment fund of tech entrepreneur Jürgen Ingels, put in €15m (about $17.4m), according to ITdaily. The round brings Hadrian's total funding to $65m.
Hadrian did not disclose its valuation or revenue.
“Everyone can see that AI is changing the threat landscape.”Rogier Fischer, Co-founder and CEO, Hadrian
What Hadrian does
Hadrian sells two products. Atlas continuously maps a company's internet-facing assets and uses AI agents to check which exposures can actually be exploited. Nova, which Tech Funding News said launched on 24 March, runs agentic penetration tests on demand. The two share context, so security teams can move from monitoring to deeper testing.
The company argues that most of what traditional scanners flag cannot be exploited, citing a figure of 0.47% of scanner findings, and that 87% of organisations still run manual penetration tests. It says customers see ten times more critical exposures, resolve problems 80% faster and get five times the return of manual testing; those are company figures. Tech Funding News reported that the platform runs more than 100 million attack simulations a day, with a second agent reviewing each action.
Customers named by the company include McKesson, NBCUniversal, Francisco Partners, TotalEnergies, Amadeus, Leroy Merlin and Damen Shipyards.
Who is behind it
Hadrian was founded in 2021 by chief executive Rogier Fischer, Olivier Beg and Maurice Clin, The Next Web reported. Fischer and Beg met on an online forum at 13 and earned bug bounties from PayPal, Yahoo and several large banks before turning 14, according to Tech Funding News. Fischer later co-founded LiteBit, one of Europe's early crypto exchanges.
The company is based in Amsterdam, with offices in London and New York, and employs about 90 people, according to Tech Funding News. Fischer told the outlet that the founders wanted to automate what they had been doing as teenagers.
What the money is for
Hadrian said it will use the funds to expand across Europe, the Middle East, Africa and the US and to invest further in its engineering and research teams. Tech Funding News reported that most of the money will go to research and development, with a significant share going towards US expansion.
Damien Henault, managing director and partner at Forgepoint Capital International, said security teams face too many vulnerabilities and too much noise to manage. Saumitra Dubey, a partner at Smartfin, told The Next Web that the fund will support Hadrian's plan to become "a nine-figure revenue business".
The funding so far
Hadrian raised a €2.5m (about $2.8m) pre-seed round in November 2021, followed by a €10.5m (about $11m) seed round led by HV Capital in June 2022, which brought its total funding to $13.7m, according to Tech Funding News.
The Series B comes as larger rivals raise far bigger sums. Tech Funding News noted that Hadrian's $65m total is under 6% of the roughly $1.1bn raised by XBOW, Horizon3 and Armadin combined. Fischer told the outlet that he believes the market is consolidating very quickly.
Company website: hadrian.io