Leading Human Risk Management Platform CultureAI has announced it has closed a €9.1 million Series A funding round. The funding was jointly led by Mercia Ventures and Smedvig Ventures, with existing investors Passion Capital and Senovo also continuing their support.
Despite many companies investing heavily in awareness and training programmes over the years, Forrester predicts that 90% of data breaches in 2024 will involve human error as infrequent security training doesn’t change employee behaviour. CultureAI takes a data-driven approach to enable organisations to monitor, reduce, and fix human cyber risk with an innovative Human Risk Management Platform that empowers organisations to identify workforce security risks, coach employees in the moment, and automate fixes.
Following seed rounds of $4 million in 2021 and $5 million in 2023, CultureAI has seen rapid adoption of its human risk management offering with significant growth in revenue and clients, including Revolut, RAC, Wickes, Delivery Hero, ClearBank, and Marie Curie. This latest investment will support CultureAI’s continued mission to evolve the way organisations detect and manage cyber risks in a developing landscape, which is fuelled by the widespread adoption of SaaS apps, collaboration tools, and generative AI.
James Moore, founder and CEO of CultureAI, said: “Imagine having a team of thousands who deeply understand your business and its employees. If this team could review, understand, and fix risks generated by each employee at source, breaches could be reduced by around 80%. While it’s impractical to build such a team, we can emulate its effectiveness using intelligent technology.”
CultureAI is dedicated to building a world where human error no longer results in security breaches. To realise this vision, the company will significantly invest in the evolution of its product and expand its team across all departments, aiming to double headcount over the next 12 months. Additionally, it plans to increase its market profile and presence in the US.
Adam Lovell, Investor at Mercia Ventures, commented: “CultureAI is at the forefront of developments in the emerging field of human risk management. With a deep understanding of the challenges that companies face, James and his team have developed a holistic solution that can secure businesses against a wide range of cyber threats. We believe the company is poised to achieve break-out growth. The funding will help it to further target a global audience and establish itself as a market leader.”
Joe Knowles, Partner at Smedvig Ventures, added: “It is widely accepted that human error is the most prevalent vector for cyber-attacks and is poorly protected against by ineffective training programmes. Advanced analytics applied to real-time behavioural data presents an original approach for CISOs to control human cyber risk. CultureAI is pioneering this with its market-leading software, offering immediate visibility and mitigation of vulnerabilities. James has an incredible reputation as a thought leader in the space and we are excited to partner with him and his team alongside Mercia Ventures.”
Read the orginal article: https://www.eu-startups.com/2024/07/manchester-based-cultureai-raises-e9-1-million-to-evolve-the-way-organisations-manage-human-cyber-risk/
