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Monday, April 15, 2024

Protexxa secures $4 million to expand its cyber security business

Cyber security startup Protexxa has secured $4 million in seed funding. Among other things, the company will use the money to expand its cybersecurity business.

Protexxa, a cybersecurity firm, has secured CAD$4 million in seed funding to protect individuals and businesses online. The startup, which debuted at a small event earlier this month, wants to address the danger to enterprises caused by  gaps in personal cybersecurity for both organizations and individuals.

BKR Capital, which makes transformational investments in disruptive firms and talented Black technology inventors, led the seed fundraising round which also had the participation of the Firehood Angels and numerous angel investors, including Jeff Fettes, Annette Verschuren, and Leen Li.

The funding will be utilized to expand the cybersecurity platform with aided remediation technologies, support pilots with worldwide clients, and prepare for operations to scale. Several patents are currently being filed by the firm.

“The goal is to draw the connections in terms of how personal cyber hygiene affects an enterprise. This entails identifying blind spots and developing individualized training, assessment, and awareness programs to improve cyber health.”

Claudette McGowan, a worldwide information technology pioneer and cybersecurity professional, created Protexxa. Prior to joining Protexxa, McGowan was the Global Executive Officer for Cybersecurity at TD Bank. 70% of Protexxa investors are women, reflecting her enthusiasm for developing women in technology.

Half of the world’s 4.95 billion internet users are victims of cybercrime, and the majority are unaware they have been infiltrated. By drawing the links between personal cyber hygiene and company risk, Protexxa is addressing the human part of cybersecurity.

The Protexxa platform uses artificial intelligence (AI) to quickly identify, assess, anticipate, and handle common cyber threats. With 43% of cyberattacks targeting small firms, cyber solutions for all sizes are more important than ever.

The tailored cybersecurity protection technology from Protexxa is now being tested in a variety of areas, including government, academia, and healthcare.

Chief Executive Officer of Protexxa, McGowan, said,  “Since the epidemic, cybercrime has doubled and is still on the rise. Our purpose is to contribute to the solution. Through Protexxa, we will democratize cybersecurity by making it more accessible to both enterprises and individuals. The goal is to draw the connections in terms of how personal cyber hygiene affects an enterprise. This entails identifying blind spots and developing individualized training, assessment, and awareness programs to improve cyber health.”

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