- CybSafe recently announced that it closed $28 million in Series B funding. Here are the details.
CybSafe, a cybersecurity software company that uses behavioral science and data science to transform security awareness and human cyber risk management, announced that it has closed a $28 million Series B funding round, bringing the total funding to $40 million.
The funding round was led by Evolution Equity Partners, with participation from Emerald Development Managers and existing investors IQ Capital and Hannover Digital Investments (HDI) GmbH.
This investment is the result of CybSafe’s continued innovation and pioneering approach to managing human cybersecurity risk. And since its Series A, CybSafe has seen significant client growth, adding key business accounts to its impressive client list, which now includes Credit Suisse, Barclays Bank, HSBC, FNZ Group and Moody’s. And CybSafe has also had the mission of reinforcing its team. The company’s new Marketing Director, Munyaradzi Hoto, recently joined the team to drive growth and international expansion.
CybSafe plans to use the Series B investment to further its mission of helping its customers change human behavior and reduce cybersecurity risk with behavioral and data science, ultimately preventing security incidents. And to accelerate your product development, you’ll expand your team across all roles, including cyber security specialists, behavioral scientists, data scientists, and software engineers. It will also focus on marketing activities that will expand into new geographies, including the US market.
“Cybersecurity has always been a challenge. Keeping pace today is more complex than before. And not keeping up has more serious consequences. This has not gone unnoticed. Cybersecurity is a top priority on many boards, with companies spending more time and money. A recent investigation by CybSafe and the National Cyber Security Alliance found that 1 in 3 people have been the victim of a cyber breach. Furthermore, 1 in 5 has been a victim more than once. For too long, cybersecurity training has neglected people, lacked science, and failed to provide data to prove its effectiveness. We are here to revolutionize this by helping companies reduce risk by positively influencing behaviors in a measurable way.”
— Oz Alashe MBE, Former UK Special Forces Lieutenant Colonel and CEO and Founder of CybSafe
“We invest in founders with disruptive cybersecurity offerings that reimagine how companies address the increasing depth and breadth of cyber threats. CybSafe’s disruptive approach addresses a complex problem with a simple solution. They design their products with the user in mind, making sure to address the cause rather than simply treating the symptoms of cyber risk. CybSafe goes far beyond traditional compliance-based approaches to security awareness and instead focuses on delivering a genuine reduction in human cyber risk.”
— Karthik Subramanian, Partner at Evolution Equity Partners
“We chose CybSafe because we believe it gives us a way to address the human side of cyber risk beyond traditional compliance-based, mandatory information security training. Among other things, we wanted great insight and visibility into user attitudes and safety behaviors and appreciated CybSafe’s use of data and a scientific framework to effectively support our colleagues. This new round of investment is fantastic news and I look forward to seeing CybSafe develop the platform further.”
— Simon Legg, Director of Information Security at Hastings Direct