CybSafe, the CyberTech100 cybersecurity software company, has raised $28m in Series B funding, bringing 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.
CybSafe uses behavioural science and data science to transform security awareness and human cyber risk management.
The investment is a result of CybSafe’s continued innovation and pioneering approach to managing human cybersecurity risk. Since its Series A, CybSafe has experienced significant customer growth, adding key enterprise accounts to its impressive roster of customers, now including Credit Suisse, Barclays Bank, HSBC, FNZ Group and Moody’s.
CybSafe said it will use the Series B investment to further its mission to support its customers in changing human behaviour and lowering cybersecurity risk with behavioural and data science, ultimately preventing security incidents. In addition, to accelerate its product development, it will expand its team, across all roles including cybersecurity specialists, behavioural scientists, data scientists, and software engineers. It will also 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, 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.
“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 behaviours in a way that can be measured.”
Talon Cyber Security, a cybersecurity solutions developer for the remote workforce, scored $26m in its seed funding round earlier this year.
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