Cybersecurity developer Elevate Security has secured $8m in its Series A to support creating of a fully integrated security behaviour system.
Series A exclusively focused venture capital firm Defy Partners led the round, with previous backers Costanoa Ventures also participating. Following this latest capital infusion, the RegTech company has raised a total of $10m.
These new funds will be used to support the team expansion, and the opening of a new engineering hub in Montreal. In addition to this, Elevate is looking to accelerate its go-to-market strategy.
California-based Elevate Security is a cybersecurity company which aims to educate and train employees to become the first defence against cyber threats. Its solution motivates and rewards employees for making good cyber decisions while providing CISOs with insights into employee behaviour and risk.
In addition to the funding, Defy Partners founder and managing director Trae Vassallo and Costanoa Ventures operations partner Martina Lauchengco have joined the Elevate board of directors.
Elevate Security co-founder and CEO Robert Fly said, “For too long, companies have treated their employees like the weakest link. We knew we could help customers empower their employees to be security superheroes against threats. I’m excited to build a team to make this a reality for more and more companies.”
Last year, gamified cybersecurity company HoxHunt closed its €2.5m Series A to support its growth plans and product development. The company aims to educate and transform employees into a protection layer from cyberattacks and phishing attempts.
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