Startup

OutThink secures $10M to tackle the human errors behind data breaches

Outthink funding

Despite significant investments in cybersecurity technology and general awareness training, organisations today face significant risks. The World Economic Forum ranks cyberattacks as one of the top three most serious threats of the decade, alongside weapons of mass destruction and climate change.

This threat is exacerbated by the increasing prevalence of remote working, which increases the number of potential attack points, as well as phishing (which accounts for 36% of all breaches globally).

However OutThink calls itself as different and the company has now raised $10M in a seed stage funding round led by AlbionVC. Triple Point Ventures, Forward Partners, Gapminder and Innovate UK also participated.

Expansion plans

OutThink will be able to continue expanding its technological leadership and accelerate international distribution thanks to the latest funding round. It brings the firm’s total funding to $11.4M and comes after a year in which its enterprise annual recurring revenue (ARR) quadrupled.

Flavius Plesu founded OutThink in 2019 out of frustration that existing, first-generation security awareness solutions on the market are failing businesses and their employees. OutThink measures real-world security behaviours, reveals unique risk patterns across an organisation, and prevents data breaches like never before. Whirlpool, Danske Bank, Rothschild, NatWest, and other FTSE 100 companies are among its clients.

Combination of machine learning and applied psychology

OutThink, a cybersecurity human risk management platform, combines machine learning, natural language processing, and applied psychology to identify people’s attitudes and behaviours.

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. We are delighted to welcome AlbionVC, TriplePoint and Gapminder to our team as we create a new category within the cybersecurity solutions market.”

Cat McDonald, Investment Director at AlbionVC, commented, “Flavius’s vision for OutThink and his ambition to overturn outdated and conventional thinking around cybersecurity are rapidly being realised because his team understand implicitly what their customers need. By designing a product with enterprise CISOs expressly in mind, OutThink has fast-tracked customer growth amongst some of the world’s biggest companies and we are excited to see what the team achieves next.”

“OutThink is probably the best cybersecurity training and awareness platform out there.” said Danske Bank’s Security Training and Awareness Lead, Mihaela Hozmache. “But this is not just about innovative technology. This is about people. What struck me from day one of working with OutThink is the professionalism and dedication of its people. I’ve never seen this type of commitment and level of service from any of the vendors and consultants I’ve ever worked with.”

AlbionVC was founded in 1996 and now works with early-stage B2B software and healthcare companies in the UK. AlbionVC manages approximately $1B in venture capital funds, which are currently invested in over 50 companies.

The post OutThink secures $10M to tackle the human errors behind data breaches appeared first on Tech Funding News.

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