Cybersecurity company OutThink has landed $10m (£8.8m) in seed funding for its software that identifies risky cybersecurity behaviours among employees.
Founded in 2015, OutThink’s software provides businesses with an analytics dashboard to monitor and identify weak areas in security that stem from human activity, such as forgetting to lock a computer.
Chief information security officers can view a risk rating of specific departments to raise awareness and implement preventative measures.
Flavius Plesu, founder and CEO of OutThink, 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.”
OutThink says that 91% of data breaches are due to human behaviour. Its software is used by the likes of NatWest, Rothschild, Danske Bank and Whirlpool.
The OutThink seed round was led by AlbionVC along with Triple Point Ventures, Forward Partners, Gapminder and Innovate UK.
Headquartered in London, OutThink’s latest raise brings its total funding to $11.4m (£10m) and comes after its £1.2m seed round in 2020.
“Flavius’s vision for OutThink and his ambition to overturn outdated and conventional thinking around cybersecurity are rapidly being realised because his team understand implicitly what their customers need,” said Cat McDonald, investment director, AlbionVC.
Venture capital firm AlbionVC also led low-code software startup Toqio’s £17.8m raise last month.