Cybersecurity start-up CybSafe has raised $28 million in Series B funding. The funding round was led by venture capital firm Evolution Equity Partners and Emerald Development Managers. Existing investors who participated were IQ Capital and Hannover Digital Investments (HDI) GmbH.
This new funding brings the company’s total raised funds to about $40 million. The investment would be used to speed up product development, hire new talents, and expand the platform’s reach.
The UK-based startup’s aim is to make employees more cybersecurity conscious by changing how they think about security and handle cyber risk. The company’s platform uses behavioural and data science to provide staff with security awareness training. It monitors and tracks cybersecurity behaviour to enhance security techniques, awareness and assists organisations by providing tailored training, guidance, and support.
Oz Alashe MBE, CEO and Founder, Cyberspace, said, “ I felt the need to provide this solution after discovering that most of the security industry’s attempts to address this challenge centered on ‘tick box’ training or an over-reliance on phishing simulations. Very little of it is grounded in clear scientific evidence or backed up by solid data.”
He also added that they are building softwares that is getting increasingly effective through the delivery of behaviour change micro-experiments.
The company founder and CEO is Oz Alashe MBE; he is a former Lieutenant Colonel in the UK’s Special Forces.
There are currently over 350 companies using the software platform, including Credit Suisse, Barclays Bank, FNZ Group, and Moody’s.