informa
3 MIN READ
Products & Releases

Cybersecurity Startup Protexxa Raises $4 Million in Seed Funding to Protect Businesses and Individuals Online as Cybercrime Accelerates

70% of investors on the cap table are women.

TORONTO – October 27, 2022 Cybersecurity startup Protexxa today announced it has raised CAD$4 million in seed funding. The company, which launched at an intimate event earlier this month, aims to address the risk to businesses resulting from gaps in personal cybersecurity for both companies and individuals. Its seed funding round was led by BKR Capital, which makes transformational investments in disruptive companies and promising Black technology founders. The Firehood Angels and several angel investors, including Jeff Fettes, Annette Verschuren, and Leen Li also participated in the round. The funds will be used to build out the cybersecurity platform with assisted remediation technology, facilitate pilots with global customers, and prepare to scale its operations. The company is currently in the process of filing several patents.

Protexxa is the brainchild of global information technology leader and cybersecurity executive Claudette McGowan. Prior to Protexxa, McGowan held the role of Global Executive Officer for Cybersecurity at TD Bank. As she is passionate about advancing women in technology, 70% of Protexxa investors are women.

Protexxa Personalized Cybersecurity Protection Platform

Of the 4.95 billion global internet users, half are victims of cybercrime and most don’t even realize they have been compromised. Protexxa is addressing the human element of cybersecurity by connecting the dots between personal cyber hygiene and business risk. Using artificial intelligence (AI), the Protexxa platform rapidly identifies, evaluates, predicts, and resolves common cyber issues. With 43% of cyberattacks aimed at small businesses, cyber solutions for businesses of all sizes are needed now more than ever.

Protexxa’s personalized cybersecurity protection platform is currently being piloted across several industries including government, academia, and healthcare.

“Since the pandemic, cybercrime has quadrupled and continues to accelerate. Our goal is to be part of the solution. Through Protexxa, we will democratize cybersecurity by making it more accessible for both businesses and individuals,” says McGowan, who is at the helm of Protexxa in the role of Chief Executive Officer. “The key is to connect the dots on how personal cyber hygiene can affect an organization. This means identifying blind spots and building out personalized training, assessment, and awareness plans to move cyber health in a positive direction.”

Protexxa Advisory Circle

As Protexxa Advisory Chair, Jodi Kovitz leads the company’s Advisory Circle, which includes notable executives such as Wes Hall, Chairman of Kingsdale; Sherry Shannon-Vanstone, former CEO of Trustpoint and now CEO of Profound Impact; Yung Wu, CEO of MaRS; Jean Augustine, CEO of Jean Augustine Centre for Young Women's Empowerment; and Larissa Holmes, former Chief Talent Officer at Borrowell.

Cyber Security Fast Facts

  • 90% of digital breaches and attacks are caused by human error.
  • Remote work and lockdowns has resulted in a 50% increase in worldwide internet traffic, leading to new cybercrime opportunities.
  • Global spending on cybersecurity exceeded $1 trillion in 2021.
  • More than 90% of successful attacks against businesses originate from phishing.
  • $21 billion is anticipated to be spent annually on training and cyber awareness by 2027.

About Protexxa

Protexxa is a B2B SaaS cybersecurity startup that connects the dots between personal cyber hygiene and business risk. Using artificial intelligence (AI), the Protexxa 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.