OutThink, a security-focused company, has scored $10m in a seed funding round headed by investor AlbionVC.
Also taking part in the round was TriplePoint Capital, Gapminder, Innovate UK and Forward Partners.
The company’s latest raise brings its total funding to $11.4m, following a £1.2m seed funding round back in 2020.
OutThink claims its brings the world’s first cybersecurity human risk management platform and is the ‘evolution’ of traditional security awareness training.
The OutThink SaaS platform has been developed specifically to identify, measure human risk and affect behaviour change. The software provides business with an analytics dashboard to monitor and identify weak areas in security such as forgetting to lock a computer.
The company said that 91% of data breaches are due to human behaviour. Its software is used by the likes of NatWest, Rothschild, Danske Bank and Whirlpool.
OutThink CEO and founder Flavius Plesu said, “The idea for OutThink was born out of frustration that existing solutions on the market were failing, yet it also came from a passionate belief that if we engaged people beyond traditional security awareness training into human risk management, we could make them the organisation’s strongest defence mechanism.”
Cyber insurer SecondSight recently exited stealth with the launch of its AI-driven platform and an oversubscribed $3m seed round.
The funding round was led by Tim Crown, co-founder of Insight Enterprises, with participation from Indiana Ventures, Cook Ventures, and Flywheel Fund, among other investors.
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