The company's AI platform helps organizations and their employees find and fix critical cybersecurity gaps
TORONTO, July 23, 2024 /PRNewswire/ - Protexxa, one of the fastest-growing cybersecurity companies in the country, has announced the successful close of its second funding round.
Founded by global information technology and cybersecurity executive, Claudette McGowan, the company's AI-powered platform, Protexxa Defender, rapidly identifies, evaluates, and resolves cyber issues.
With 90 percent of cyber attacks attributed to human error, organizations work with Protexxa to connect the dots between personal cyber hygiene and business risk. The AI-powered platform gives companies and their people a cyber health score and helps them make swift improvements, such as finding exposed passwords and removing online images. To help teams recover from cyber attacks faster, Protexxa also provides tailored incident response plans to support customers when cyber attacks occur.
The successful $10 million Series A raise marks another significant milestone in Protexxa's work towards fortifying global cyber defense through individual cyber hygiene. After raising a $5 million Seed in 2022, Protexxa set a new record in Canada for the largest amount raised by a sole Black woman founder. Now reaching $15 million raised in total, McGowan is among the most successful VC-backed female founders in North America.
The new capital will fuel engineering and data science innovations on the platform, and grow its sales and marketing teams as it expands further into global markets. Looking to the United States as its next major opportunity, the company is already seeing demand for its enterprise solution among financial, telecommunications, and healthcare institutions where security concerns are mounting.
Protexxa CEO Claudette McGowan said, "When it comes to cyber crime, most leaders think they're outnumbered, underfunded, and ill-prepared. The fastest way to change that narrative is to activate their greatest strength: people. Protexxa prioritizes people through assessments and training that improve cyber hygiene and create more secure organizations."
Investors in the Series A include Bell Ventures, the venture arm of the country's largest communications company, Bell Canada, and Sandpiper Ventures, a fund for women-led innovations. The round also saw strong support from existing shareholders, Export Development Canada, BKR Capital, The Firehood Angels, and Graphite Ventures. Further investors include Global Risk Institute President and CEO, Sonia Baxendale; Tricon and Cidel Co-founder, Geoffrey Matus; former Home Depot Canada CEO and current NRStor CEO, Annette Verschuren; and business lawyer and Distinguished Counsel in Residence at Toronto Metropolitan University, Ralph Lean. Additionally, Protexxa has welcomed a new advisor, Communications Leader and Philanthropist, Dr. Donette Chin-Loy Chang.
"People are overlooked when it comes to cybersecurity solutions – a blindspot that leaves companies exposed. Protexxa has proven the human-side of risk is where the world needs to focus," said The Firehood Co-founder, Danielle Graham.
Protexxa
Protexxa is a B2B SaaS cybersecurity company that connects the dots between personal cyber hygiene and business risk. Using AI, the Protexxa Defender platform rapidly identifies, evaluates, predicts, and resolves common cyber issues. With a key focus on prevention and increasing global cyber literacy, Protexxa also offers personalized training and consulting for companies worldwide. For additional information, visit protexxa.com and follow Protexxa on LinkedIn and Instagram: @protexxacyber.
To understand your company's cybersecurity vulnerabilities, visit protexxa.com or call 1-877-992-9237.
SOURCE Protexxa
Originally published at https://www.prnewswire.com/news-releases/cybersecurity-startup-protexxa-closes-10m-series-a-largest-round-secured-by-a-black-woman-founder-in-canada-302203907.html
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