Series A round enables CybSafe to rapidly develop its intelligent data-driven software platform and accelerate growth
CybSafe, the data-driven cyber security software platform that helps organisations reduce human cyber risk by addressing awareness, behaviour, and culture, today announced that it has raised £3.5 million ($4.6 million) in a Series A funding round.
The investment will be used to further develop CybSafe’s intelligent software platform as well as accelerate revenue generation and growth.
The additional funding sets the company on the path to becoming the world’s first truly intelligent cyber security awareness platform using AI, machine learning and advanced data analytics to address business’ human cyber security challenges. The fundraising builds on an exceptional year for CybSafe, which has grown in adoption and sees over 100,000 users and over 140 organisations with access to the platform. The company works with a rapidly growing roster of customers including high-profile businesses from the finance, retail, and legal sectors.
Founded in 2015 and launched to market in 2017, CybSafe helps protect enterprise and SMEs in the UK and 11 other countries around the world. Underpinned by psychology and behaviour change theory, its cloud-based platform makes tangible changes to employee behaviour to combat threats on topics such as phishing, social media use, public WiFi, malware, identity, passwords and many others. These easily digestible modules evolve over time with the support of machine learning technology. With its analytical engine, the award-winning software solution lets businesses see the type and location of risk, and what they can do to mitigate these risks.
Oz Alashe, CEO of CybSafe, said: “With the rising threat of cyber crime as well as the new obligations presented by changing data protection legislation, business can no longer turn a blind eye to cyber security awareness, behaviour and culture within their organisations. Boards increasingly recognise cyber security as their most pressing risk, given the significant fines and reputational damage that accompany a successful breach.”
“However, cyber security awareness and training has historically been viewed as a tick-box exercise. Existing programmes – which often focus on knowledge, but don’t cultivate changes in behaviour – are largely ineffective. Through a combination of behavioural science, data analytics, and machine learning capabilities, CybSafe offers companies the ability to dramatically improve their human cyber defences and reduce business risk.”
Alashe added: “We’re excited by the overwhelming support we continue to receive from the investor community and the UK cyber security technology sector. It signals great confidence in our business model and team. We’re also excited to put this new capital to work for our customers to rapidly mature our product and further advance the use of intelligent technologies to help address today’s human cyber security challenges.”
CybSafe is GCHQ-certified and IISP-accredited. The company is endorsed by the Law Society and is a RegTech partner of the FCA. CybSafe is headquartered at the prestigious London tech community, Level39, in Canary Wharf.