Elevate Security, the first human risk management platform of its kind, today 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.
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.
“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.”
Balasubramanian brings a unique breadth of cloud security, behavioral science and more than 20 years of marketing leadership experience to the Elevate Security executive team. Prior to joining Elevate Security, Balasubramanian led growing teams at Adobe Systems, The Myers-Briggs Company and also served on the SIIA (Software & Information Industry Association) board of directors. “I’m honored and thrilled to join a thriving organization like Elevate Security focused on solving security’s greatest challenge and look forward to working closely with the team to expand our market presence and continue our leadership position in the area of human risk,” said Balasubramanian. For more information about Elevate Security visit: https://elevatesecurity.com/.
About Elevate Security
Elevate Security, the leader in Human Risk Management software helps security leaders in enterprises measure, reduce and communicate human risk to keep their companies safe from cyber threats. One of the most challenging aspects of building a cybersecurity program is the human risk component. Elevate Security provides a way to quantify this human risk across the entire organization using security incident data that is already available. Quantifying human risk and analyzing it as part of an overall cyber risk framework provides unique insights to the Chief Information Security Officer (CISO). Armed with this insight, CISO’s are in a much better position to optimize their security technology spend, focus their monitoring and detection capabilities on the high risk groups and strengthen their overall cyber defense strategy. Medium and large enterprises across industries, from financial services, technology, healthcare and more, have benefited from increased cyber resilience by incorporating Elevate Security into their security infrastructure.
About Foundry Group
Foundry Group is a Boulder, Colorado-based venture capital firm focused on making early-stage technology investments, participating in select growth rounds, and identifying and supporting the next generation of venture fund managers.