Andreas sold Muninn to Logpoint but wouldn't start the same startup today
Andreas, founder of the Danish network-security startup Muninn, which he started in 2016 and later sold to Logpoint, says he is not sure he would start it today. In this interview he says deeper research into the market, customers' product priorities and cybersecurity sales processes would have shown him many more warning signs. With today's AI he would tackle a different problem than Network Detection & Response and prefer a more niche product. If he had to rebuild the same company, he would write a new business plan with a different headcount estimate and more AI in the technical solution.
On the market, he says AI has reduced hiring needs and automated work across development, sales, marketing and support. The main challenge for Danish product startups is competing globally, which takes a lot of risk capital and a convincing plan for using it. Cybersecurity is complex and hard for investors to grasp. For the European market, the product should run in a European data centre with no dependencies on the US. He sees data as the key moat, with integrations also important, and warns that fast AI progress can make a business concept obsolete almost before it starts.
To challenge CrowdStrike, Palo Alto or Microsoft, he argues startups should look for niches rather than crowded areas such as AI for cutting false-positive alerts. Winners need not have the best product but must excel at sales, marketing and customer success, and have plenty of capital. When judging founders, he looks at the team, the problem, the competition, how AI is used, and whether experienced advisers are involved.
He began with business angel Lars Thrane rather than venture funds because he wanted an experienced engineer as sounding board and peace to build the product. He lacked cyber go-to-market knowledge and a commercial co-founder. Muninn was sold to Logpoint after customers prioritised basic security functions before advanced network tools, and with an estimated 3,000 to 4,000 vendors worldwide, consolidation was under way. He says there was no exit plan, though offers from US and Israeli firms in 2023 were declined after a seed round.
His advice to new founders: avoid going solo, find a blue stream in a red ocean, take 50 to 100 buyer meetings, secure ample funding, work with experienced cyber people, and build a strong team.