Cybersecurity firm OutThink raised $10 mn in early-stage VC funding

Cybersecurity company OutThink has raised $10 million in early-stage investments backed by venture capital firm AlbionVC.
Dollar spending on technologyLondon-based OutThink said it looks to help organizations identify human behavior that can lead to data breaches.

The company, which says human behaviour is the source of 91 percent of data breaches, uses machine learning, natural language processing and applied psychology to identify, understand and manage the attitudes, intentions and sentiment of individuals.

Founded by a team of chief information security officers, security experts and researchers, the group said organizations carried a significant level of risk despite considerable investment in cybersecurity technology and security awareness solutions, especially as remote working practices grow.

The financing, in which TriplePoint Capital, Forward Partners, Gapminder and Innovate UK took part, brings the firm’s total funding to $11.4 million. The money will be used to speed up its international distribution.

OutThink said its cyber security platform was used by major organizations, including Whirlpool, Danske Bank, Rothschild and NatWest.