CybSafe lands $28m in funding round
The vendor says it will be used to accelerate product development and expand its team
Cybersecurity software company CybSafe has closed a $28m Series B funding round, taking its total funding 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.
London based CybSafe says it will use the investment to further support customers in changing human behaviour and lowering cybersecurity risk with behavioural and data science.
Oz Alashe MBE, former UK Special Forces Lieutenant Colonel and the CEO and founder of CybSafe, said: "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.
"For too long, cybersecurity training has forgotten people, lacked any scientific basis, and provided no data to evidence its effectiveness. We are here to revolutionise this by helping businesses reduce risk by positively influencing behaviours in a way that can be measured."
A total of 80 per cent of data breaches in 2021 were caused by human error, according to CybSafe's ICO analysis.
The company said the most recent funding will also be used to accelerate product development, expand its team and help focus on go-to-market activities expanding into new geographies, including the US market.
Karthik Subramanian, partner at Evolution Equity Partners, said: "We invest in founders with disruptive cybersecurity offerings that are reimagining how businesses approach the increasing depth and breadth of cyber threats. 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."