Spanish startup Kymatio, the SaaS platform that manages cyber risk for employees, has increased its first round of investment by 40% to accommodate two new partners, Banco Sabadell, BStartup and the JME Ventures fund. These new investors joined the round led by The Crowd Angel, which also had support from Wayra, Telefónica’s open innovation hub, and prominent business angels such as Enrico Raggini.
Kymatio, founded in 2017, addresses cybersecurity from one of the most significant parts of risk: that associated with people. According to Kymatio, around 60% of security incidents involve internal personnel. The startup states that organizations face massive losses in domestic incidents with an average cost of €8 million in large corporations and €40K in the case of SMEs.
As stated Fernando Mateus, CEO of Kymatio: “70% of organizations have suffered an internal incident. Kymatio determines the cyber risks being faced, and assesses the level of awareness of each employee in the main areas of cybersecurity, to automatically deploy measures focused on customized strengthening of the individuals in those areas of risk, and enhancing the role of the first and last line of defense that employees have”.
With this round, Kymatio aims to fuel its sales and boost the product, adding functionality that identifies, analyses, and overall covers everything an organization needs to address the security risks linked to information and employees.
According to Yolanda Pérez, Director of BStartup: “Cybersecurity is a field of growing importance to businesses and with the expansion of remote work it will be even more relevant. Kymatio allows a holistic prevention strategy, tackling the problem from the human factor by the means of state-of-the-art techniques and innovative technology. At Banco Sabadell we hope to be able to contribute to the growth of this company that has a first-class team and product.”
As indicated by Lourdes Álvarez de Toledo , Principal at JME Venture Capital: “Kymatio is a pioneer in addressing vulnerability and internal cyber risk threats by coupling technology with neuroscientific tools. This position, together with the team that leads it, as well as the distribution agreements that it is carrying out, are the factors that make us trust in the future success of this company.”
To date, Kymatio has had the support and validation of important cybersecurity institutions, such as INCIBE, and leading neuroscience research centers, such as the Autonomous University of Madrid. The startup was acclaimed winner of the first call for Cybersecurity by ElevenPaths , and the Ministry of Science and Innovation, granted the NEOTEC grant from the CDTI for technology companies of €160K.
via https://www.AiUpNow.com/ by contact@bcurdy.com, Khareem Sudlow
