CyberTech firm Cybera has raised $5m in an oversubscribed equity round headed by Converge VC and New North Ventures.
Participants in the round included Founder Collective, Swiss VCs Serpentine, CV VC and a range of other angel and private investors.
According to Cybera, the new funds will go towards scaling its category-defining solutions and dealing with cybercrime.
FBI’s IC3 division previously found that financial cybercrime cost businesses a combined $6.9bn last year, which was up 164% from 2020.
Cybera said it was created to address these two clear gaps in the market – logging and sharing victim reports and creating a global watchlist for problematic accounts.
The company said, “The international scope and complexity of these scams often link financial institutions, private businesses, technology companies, and international, federal, state, and local law enforcement agencies, so enforcement and assigning responsibility have become very difficult.”
Cybera CEO and co-founder Nicola Staub added, “As a former prosecutor, I have seen the impact of this issue first hand, as well as the complexities of tracking international gangs operating at high speed.
“Our two initial solutions focus on providing victims a quick response mechanism, and then a global watchlist which allows information to be securely shared with our clients across the financial system to ensure funds and accounts can be quickly flagged and addressed. This is a fully scalable, secure solution and addresses key regulatory concerns.
“We have already flagged over two thousand problematic accounts and wallets to authorities, and helped to freeze hundreds of thousands of dollars, saving a multiple of that amount in further legal and reimbursement costs.
“Investors clearly understand the potential of CYBERA to address these systemic global issues and create a new category in the fight against cybercrime. I’m delighted to announce this funding injection which will support our ability to deliver these solutions to institutions and customers around the world.”
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Copyright © 2018 RegTech Analyst