Protexxa, a rapidly emerging name in cybersecurity, recently announced the successful closure of its Series A funding round.
The $10m raised highlights the company’s strong market traction and innovative approach to enhancing cyber resilience. The funding round is the largest raised by a sole Black woman founder in Canada.
The investors leading this round include Bell Ventures and Sandpiper Ventures, emphasizing strong support from major players in the industry. Notable contributions also came from existing shareholders such as Export Development Canada, BKR Capital, The Firehood Angels, and Graphite Ventures, among others.
At its core, Protexxa utilizes its cutting-edge, AI-powered platform, ‘Protexxa Defender’, to address cyber threats efficiently. The platform’s ability to assess and improve cyber health scores is crucial for organizations, helping to mitigate risks associated with human error, which accounts for 90% of cyber incidents.
With the new funds, Protexxa plans to innovate further in engineering and data science. The expansion of its sales and marketing teams is also on the agenda as the company eyes broader markets, particularly in the United States, where demand for robust cybersecurity solutions is surging across financial, telecommunications, and healthcare sectors.
Claudette McGowan, CEO of Protexxa, emphasized the human aspect of cybersecurity: “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.”
In addition to financial backing, Protexxa welcomed new advisor Dr. Donette Chin-Loy Chang, a renowned Communications Leader and Philanthropist, further strengthening its leadership team.
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