Security awareness provider CybSafe on Monday announced that it has raised $28 million in Series B funding, which brings the total raised by the company to $40 million.
The new investment round was led by Evolution Equity Partners, with participation from Emerald Development Managers, Hannover Digital Investments (HDI), and IQ Capital.
Founded in 2017, the London-based CybSafe leverages behavioral science and data analytics to improve security controls and help organizations manage human cyber risk.
The company will use the new investment to accelerate product development and expand its team with the addition of behavioral scientists, cybersecurity specialists, data scientists, and software engineers. CybSafe also plans to expand into new geographies, such as the US.
“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,” said Karthik Subramanian, partner at Evolution Equity Partners.
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