- Protexxa has raised $10 million in its Series A funding round.
- The company’s platform, Protexxa Defender, addresses 90% of cyber attacks attributed to human error.
- Protexxa offers a cyber health scoring system and incident response plans.
- The new funding brings total capital raised to $15 million, following a $5 million Seed round in 2022.
- The company plans to use the funds for engineering innovations, data science, and global market expansion.
- Protexxa is targeting increased demand in the U.S., focusing on finance, telecommunications, and healthcare sectors.
- Investors include Bell Ventures, Sandpiper Ventures, and new supporters like Sonia Baxendale and Annette Verschuren.
- New advisor Dr. Donette Chin-Loy Chang joins the team.
- Danielle Graham from The Firehood highlights the importance of focusing on human risk in cybersecurity.
Main AI News:
Protexxa, a rapidly ascending name in cybersecurity, has successfully completed its second funding round, securing $10 million in Series A capital. The company, founded by Claudette McGowan, a notable figure in global IT and cybersecurity, is making significant strides with its AI-driven platform, Protexxa Defender. This cutting-edge solution is designed to swiftly detect, assess, and mitigate cyber threats, addressing the prevalent issue where 90% of cyber incidents are attributed to human error.
Protexxa Defender plays a pivotal role in linking individual cyber practices with overall business risk. The platform evaluates and scores the cyber health of organizations, providing actionable insights to enhance security measures. It helps businesses and their employees identify vulnerabilities such as exposed passwords and inappropriate online content, and offers tailored incident response strategies to support recovery efforts in the aftermath of cyber attacks.
The successful Series A funding round marks a critical milestone in Protexxa’s journey, raising its total capital to $15 million. This follows a $5 million Seed round in 2022, during which Protexxa set a record in Canada for the largest funding raised by a sole Black woman founder. McGowan’s achievements now place her among the most successful VC-backed female entrepreneurs in North America. The new funding will drive advancements in engineering and data science, expand Protexxa’s sales and marketing teams, and support the company’s expansion into global markets, with a particular focus on the United States. The demand for Protexxa’s solutions is already growing among financial, telecommunications, and healthcare sectors, where security concerns are intensifying.
CEO Claudette McGowan emphasized the transformative potential of empowering people in the fight against cybercrime, stating, “Most leaders feel outnumbered, underfunded, and inadequately prepared to tackle cyber threats. The most effective way to shift this narrative is by harnessing their greatest asset: people. Protexxa is dedicated to improving organizational security through comprehensive assessments and training that enhance cyber hygiene.”
The Series A round attracted notable investors including Bell Ventures, the venture arm of Bell Canada, and Sandpiper Ventures, a fund dedicated to women-led innovations. Existing shareholders such as Export Development Canada, BKR Capital, The Firehood Angels, and Graphite Ventures also provided strong support. New investors include Sonia Baxendale, President and CEO of Global Risk Institute; Geoffrey Matus, Co-founder of Tricon and Cidel; Annette Verschuren, former Home Depot Canada CEO and current NRStor CEO; and Ralph Lean, Distinguished Counsel in Residence at Toronto Metropolitan University.
Additionally, Protexxa has welcomed Dr. Donette Chin-Loy Chang, a prominent communications leader and philanthropist, as a new advisor. Danielle Graham, Co-founder of The Firehood, praised Protexxa for addressing the often-overlooked human element in cybersecurity, asserting, “The focus on human risk is crucial in today’s cybersecurity landscape, and Protexxa has proven that this is where the world needs to direct its attention.”
Conclusion:
Protexxa’s successful Series A funding round highlights the increasing investor confidence in AI-driven cybersecurity solutions. By focusing on the human element of cyber risk, Protexxa is positioning itself as a crucial player in enhancing organizational security. The company’s substantial funding boost will enable it to advance its technology, expand its market presence, and address growing security concerns across various sectors. This move underscores a broader trend in the cybersecurity market towards integrating innovative AI solutions and emphasizes the critical need for improved human-centric security measures.
