Beauceron Security, a Fredericton company that helps clients improve their cybersecurity culture, has closed a $1.5 million round of funding, led by the New Brunswick Innovation Foundation.
The other members of the funding round comprise a range of Atlantic Canadian funding bodies and the London-based accelerator that Beauceron was accepted into last month. NBIF released a statement announcing the funding today, stressing that the company is gaining great traction, doubling its client-base already in 2018.
Growing out of the University of New Brunswick, Beauceron has developed a cloud-based risk-management platform that monitors the human elements in cyber-risk. In other words, it helps companies and organizations make sure their staff are doing the right things to ensure they are protected against cyber-attacks.
“It has been a pleasure to work with dozens of clients across North America and now in Europe to help change the cybersecurity story for small, medium and enterprise-size businesses,” said co-founder and CEO David Shipley in the statement. “Now, we are poised for continued growth.”
As well as several angel investors, the backers in the latest funding round are: Opportunities New Brunswick; Saint John-based Mariner Partners and its investment group East Valley Ventures; Halifax-based First Angel Network, and the Cyber London accelerator, which is known as CyLon.
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This is the second round of funding for Beauceron, which in June 2017 raised $500,000 from NBIF and East Valley Ventures.
Beauceron was named to the CyLon in the U.K. last month, saying it would receive a £15,000 (C$25,600) investment as part of joining the program. As well as mentorship, the accelerator also provided the company with a base in London, and Beauceron has already gained clients in Europe as a result.
At the time of joining Cylon, Shipley said Beauceron had about 40 clients, ranging from small and medium-sized businesses to Fortune 500 companies. It now has more than 55 clients. The statement said there are now of tens of thousands of individuals using the platform in 27 countries.
The statement said the funding will help Beauceron to build out its product roadmap, increase its sales and marketing efforts and recruit new partner firms around the world. It added that the company has already partnered with leading security firms in Canada, the U.S. and Europe to help bring its technology to market and attract new clients.
“We saw something special in Beauceron’s approach to managing cyber risk,” said Kirsten Connell, Managing Director of CyLon. “Their solution is appealing to everyone, from enterprise-scale clients to small and medium sized businesses.”
The company as of last month had grown to eight team employees, and Shipley said he intended to hire four more by the end of the year.
“Beauceron Security is a true success story,” said NBIF Director of Investment Ray Fitzpatrick. “Their made-in-New Brunswick innovative approach to managing cyber risk is earning the company significant interest in the nearly $100 billion global cybersecurity market. “
Disclosure: NBIF is a client of Entrevestor.