Cybsafe, London-based behavioural security, and data analytics platform announced that it has closed $28M in a Series B funding round, taking the total funding raised to date to $40M.
The round was led by Evolution Equity Partners, with participation from Emerald Development Managers and existing investors IQ Capital and Hannover Digital Investments (HDI) GmbH.
How will the funding be used?
The UK company will use the funds to support its customers in changing human behavior and lowering cybersecurity risk with behavioral and data science.
Further, the company plans to accelerate product development, and expand its team across all roles, including cybersecurity specialists, behavioral scientists, data scientists, and software engineers.
A part of the funding will be used to focus on go-to-market activities expanding into new geographies, including the US market.
Oz Alashe MBE, former UK Special Forces Lieutenant Colonel and the CEO and founder of CybSafe, says “Cybersecurity has always been a challenge. Keeping pace today is more complex than before. And not keeping pace has more severe consequences. This has not gone unnoticed. Cybersecurity is a top priority across many management boards, with businesses spending more time and money. Yet, recent research from CybSafe and the National Cyber Security Alliance found that 1 in 3 people have been victims of a cyber breach. Furthermore, 1 in 5 have been victims more than once. For too long, cybersecurity training has forgotten people, lacked any scientific basis, and provided no data to evidence its effectiveness. We are here to revolutionize this by helping businesses reduce risk by positively influencing behaviors in a way that can be measured.”
Behavioral science and data analytics company
The platform tracks and measures security behavior to improve security controls and awareness activities. The software delivers instant, personalised support for users and enables security teams to reduce risk in changing environments.
Since its Series A, the UK company has experienced significant customer growth, adding key enterprise accounts, including Credit Suisse, Barclays Bank, HSBC, FNZ Group, and Moody’s.
The company also appointed a new Chief Marketing Officer, Munyaradzi Hoto recently to drive growth and international expansion.
Currently, CybSafe is used by over 350 organisations in 15 countries and is accredited by NCSC and CIISec.
Karthik Subramanian, Partner at Evolution Equity Partners, says, “CybSafe’s disruptive approach tackles a complex problem with a simple solution. They design their products with the user in mind, ensuring they are tackling the cause rather than simply treating the symptoms of cyber risk. CybSafe goes far beyond traditional compliance-driven approaches to security awareness, and instead focuses on delivering a genuine reduction in human cyber risk.”
Simon Legg, Chief Information Security Officer at Hastings Direct said, “We chose CybSafe because we believe it provides us a way to approach the human side of cyber risk beyond traditional, compliance-based, mandatory information security training. Amongst other things we wanted great insight and visibility into user attitudes and security behaviours and we appreciate CybSafe’s use of data and a scientific framework to deliver effective support to our colleagues.”