CybSafe secures €6.3 mn in Series A1 round led by IQ Capital
By Megha Bhattacharya
British startup CybSafe has secured an approximate amount of €6.3 million in its Series A1 round led by deep tech investors IQ Capital, with participation from Hannover Digital Investments GmbH (HDI Group) and B8 Ventures. The new funds will be used to boost its go-to-market capability, deepen technology and research capability, and further disrupt the industry’s approach to managing human risk.
Kerry Baldwin, Managing Partner at IQ Capital, commented, “CybSafe’s data modelling of employee security behaviours and habits is game-changing. They are transforming the security industry by pioneering the use of data to address the human aspect of cybersecurity. It’s an area that has been under-served to date.”
“Leveraging proprietary and third-party data – and robust behavioural psychology – their risk-models will enable security teams to predict areas of user-related vulnerability, and the platform will deliver personalised interventions. They are at the forefront in this data space and have built one of the UK’s highest-potential cybersecurity companies. We’re excited to lead the funding round and be part of this growing movement of change-makers focused on human cyber risk.”
Founded in 2017, Cybsafe uses audit data from multiple systems (such as Gsuite & Azure) to help manage human cyber risk. Their platform tracks and measures security behaviour to improve security controls and awareness activities. It also delivers instant, personalised support for users. The company is focused on expanding its enterprise and mid-market client base and seeks to build on an already impressive customer list that includes Credit Suisse, Air Canada, HSBC and NHS Trusts.
Oz Alashe MBE, former UK Special Forces Lieutenant Colonel and the CEO and founder of CybSafe, explained, “We believe in people. And we passionately believe in the impact data and behavioural science can have on human cyber risk management. Our platform is for organisations who ultimately want to do more than rely just on e-learning and phishing simulations. It’s a platform that can grow with them through to when they are ready to measure security behaviour change.”
“The world has changed and so CybSafe is designed to educate, support and assist users. It improves security culture in a way that can be measured and gives unparalleled insights in a way that allows our customers to pre-empt security problems. We’re making it easy to manage human cyber risk. And we’re delighted to have incredible investors that support our vision for a safer and better digital world for all people.”