CybSafe, a UK-based cybersecurity software vendor, has raised $28m in a Series B funding round led by Evolution Equity.
Emerald Development Managers and existing investors including IQ Capital and Hannover Digital Investments (HDI) also joined the round, which brings CybSafe’s total funding to $40m.
CybSafe describes itself as a behavioural science and data analytics firm that builds software to allow clients to track and measure security behaviour and enhance security controls.
According to CybSafe’s ICO analysis, 80% of data breaches in 2021 were caused by human error.
The firm will use the proceeds to aid customers in preventing cyber incidents, accelerate product development, and hire for all roles including cybersecurity specialists, behavioural scientists, data scientists, and software engineers.
CybSafe also plans to use the investment to expand in new geographies, including the US.
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Currently, more than 350 organisations including Credit Suisse, Barclays Bank, HSBC, FNZ Group and Moody’s, use CybSafe’s offerings.
CybSafe CEO and founder Oz Alashe MBE said: “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.”
Evolution Equity Partners partner Karthik Subramanian said: “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.”