Elevate Security, the first human risk management platform of its kind, announced $8.25 million in funding as well as the hiring of veteran marketing leader, Suresh Balasubramanian, to accelerate growth. The Series A1 investment round was led by the Foundry Group, with additional investments from Salesforce Ventures and Shasta Ventures. Existing investors Costanoa Ventures and Defy also participated bringing Elevate Security’s total funding to $18.3M. The investment round and hiring of senior marketing leadership will help to expand go to market capabilities, catalyze growth and to further revolutionize the way the industry manages employee risk.
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“We are excited to have a strong investment round led by the Foundry Group, especially in the midst of a pandemic. This further validates our disruptive approach and the market’s need to effectively manage human risk”
With 90% of data breaches being caused by employee error, Elevate Security is solving the security industry’s greatest challenge. It’s not what employees know, it’s what they actually do that puts organizations at risk. Elevate Security integrates incident and log data from existing, disparate security technologies and maps it against human resource data to uncover critical insights around employee risk. These insights show security teams where and how employee decisions are putting their organizations at risk and nudges employees to improve their security decisions.
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“We believe Elevate Security is uniquely positioned to drive an innovative and impactful security solution into the market that will redefine how security teams tackle human risk as they strengthen their defense to handle the next cyber attack,” said Ryan McIntyre, Partner, Foundry Group.
“We are excited to have a strong investment round led by the Foundry Group, especially in the midst of a pandemic. This further validates our disruptive approach and the market’s need to effectively manage human risk,” said Robert Fly, CEO, Elevate Security. “With this funding round and the recent hiring of an exceptional Chief Marketing Officer, Suresh Balasubramanian, who brings a wealth of industry and go to market experience to the leadership team, we are well positioned for our next stage of growth.”
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