London-based OutThink, a SaaS-based cybersecurity human risk management platform, announced on Tuesday that it has raised $10M (approximately €10.16M) in a Seed round of funding.
The round was led by AlbionVC. Additionally, TriplePoint Capital, Forward Partners, Gapminder, and Innovate UK also participated in the round.
The startup wants to tackle the human errors that lay at the heart of 90 per cent of security incidents and data breaches.
OutThink says it will utilise the funds to expand its leadership and accelerate international distribution as its solution continues to gain market traction.
“The world’s first cybersecurity human risk management platform”
Since the pandemic, cybercrime and cyberattacks have increased tremendously as people and organisations rely on the internet more than ever before. The risk is so substantial that the World Economic Forum rates cyberattack as one of the top three most serious risks of the decade, alongside weapons of mass destruction and climate change.
This is where OutThink steps in. Founded in 2019, the cybersecurity human risk management platform claims to discover, understand, and manage human risk in modern companies by changing employee attitudes and behaviours, and fostering risk-aware security cultures.
OutThink was created by a team of CISOs, security experts, and researchers for security professionals aiming to design more effective, usable security and make people their strongest defensive mechanism.
Founder and CEO of OutThink, Flavius Plesu, says, “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.”
Headquartered in London, the company has a global client base, all of whom are served locally from offices located in Europe, the Middle East and the Asia Pacific.
Cat McDonald, Investment Director at AlbionVC, says, “Flavius’s vision for OutThink and his ambition to overturn outdated and conventional thinking around cybersecurity are rapidly being realised because his team understand implicitly what their customers need.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.”
