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Elevate Security receives $2M in seed funding, brings 'fresh approach' to inside cyber threat
SAN FRANCISCO June 21, 2017 Elevate Security, a platform that focuses on shifting human behavior and responses to security threats to prevent breaches, today publically launched backed by $2M in funding from Costanoa Ventures and Webb Investment Network. Led by Masha Sedova and Robert Fly, former Salesforce senior cybersecurity experts, Elevate Security leverages what they learned developing behavior-based programs at Salesforce that had significant impact on improving people's responses to phishing scams and increasing reporting rates of suspicious activity.
As the technology industry races to create new technologies to thwart attacks and stay ahead of hackers, one of the biggest weakness remains employees themselves. Password reuse, working on personal devices, and refusal to use multi-factor authentication are just a few of the behaviors hackers exploit to gain access to companies around the globe. According to a recent study by Verizon, 63% of all attacks involve password reuse and a similar study by IBM found that 95% of all attacks involve both technology and human exploits.
"The approach the vast majority of companies use to train their employees on cybersecurity is so old-fashioned and out of date that it actually does more harm than good," said Fly, CEO and co-founder of Elevate Security. "Force-feeding a 60-minute video with questions at the end isn't going to achieve much more than getting people to tune out the message. If employees don't feel invested in protecting digital assets, you might as well just leave the front door of your company open to hackers."
"Masha and Robert bring a fresh approach to solving the Achilles heel of cybersecurity," said Neill Occhiogrosso, Partner at Costanoa Ventures. "So much energy has been placed in building walls and moats around companies – we liked that Elevate focused on the biggest potential defense of all – the employee. Elevate will reinvent how to fight hackers at their own game."
More information on Elevate's technology platform will be available later this fall.
Elevate Security provides a web-based platform that focuses on shifting human behavior and responses to security threats in order to prevent breaches. This is the first people-centric solution that is based on behavioral science and is designed to transform the human element as a core defense strategy for organizations. Elevate is based in San Francisco and is hiring! To learn more, please visit www.elevatesecurity.com.
About Costanoa Ventures
Costanoa Ventures backs tenacious and thoughtful founders who change how business gets done. Costanoa seeks to be a long-term partner to entrepreneurs building durable companies leveraging data to solve complex business problems. For more information, please visit www.costanoavc.com.
About Webb Investment Network
Webb Investment Network (WIN) is the seed/early-stage investment vehicle of Maynard Webb (former COO of eBay, and currently on the boards of Salesforce, Visa and Yahoo!). WIN's goal is to invest in transformational technology companies across enterprise and cloud applications, mobile, marketplaces, and payments. WIN is also able to leverage its 80+ member Affiliate Network, comprised of seasoned technology operating executives who have worked with Maynard, to provide on-demand advice and mentorship to the WIN portfolio. To learn more, please visit winfunding.com.