CultureAI Raises US$10m in Series A Funding Round
Leading Human Risk Management Platform, CultureAI, has recently announced a successful Series A funding round, closing at US$10m. The funding was led by Mercia Ventures and Smedvig Ventures, with investors Passion Capital and Senovo continuing their support.
Despite significant investments by many companies in awareness and training programs over the years, Forrester predicts that 90% of data breaches in 2024 will involve human error as ultimately, security training fails to alter employee behaviour.
"Blanket training was having very little real impact when it came to improving employee security behaviours and we wanted a more targeted solution. CultureAI has been a game-changer for us in terms of understanding what our people are doing. Rather than relying on training modules, which people immediately forget, we can intervene as and when a risk is occurring,” says Aaron Paddison, Associate Director of Cyber Security at Peninsula Group.
CultureAI takes a data-driven approach to enable organisations to monitor, reduce, and fix human cyber risk with an innovative Human Risk Management Platform that helps organisations identify workforce security risks, provide real-time coaching to employees, and automate corrective actions.
After securing seed funding rounds of US$4m in 2021 and US$5m in 2023, CultureAI has experienced swift uptake of its human risk management solutions, leading to notable increases in revenue and clientele. Their client roster now includes prominent names such as Revolut, RAC, Wickes, Delivery Hero, ClearBank, and Marie Curie.
This new investment will bolster CultureAI’s ongoing mission to change how companies identify and handle cyber risks, driven by the broad adoption of SaaS applications, collaboration tools, and generative AI.
The company intends to continue the development of its product and expand its team across all departments, with a goal of doubling its workforce over the next 12 months. Furthermore, it aims to enhance its market profile and strengthen its presence in the US.
“Imagine having a team of thousands who deeply understand your business and its employees. If this team could review, understand, and fix risks generated by each employee at source, breaches could be reduced by around 80%," says James Moore, founder and CEO of CultureAI.
"While it’s impractical to build such a team, we can emulate its effectiveness using intelligent technology.”
"Addressing human risk is crucial for cyber security. Every day, 1 in 4 employees create cyber risks as they go about their jobs, from reusing passwords across shadow SaaS apps to oversharing intellectual property with AI tools. We're all human and make mistakes.
"However, just doing more security awareness training won't solve this—we can't out-train human error. That’s why we’re focused on creating a platform which detects and automatically fixes the full spectrum of workforce cyber risks through interventions and nudges."
Adam Lovell, Investor at Mercia Ventures comments: “CultureAI is at the forefront of developments in the emerging field of human risk management. With a deep understanding of the challenges that companies face, James and his team have developed a holistic solution that can secure businesses against a wide range of cyber threats. We believe the company is poised to achieve break-out growth. The funding will help it to further target a global audience and establish itself as a market leader.”
Joe Knowles, Partner at Smedvig Ventures adds: “It is widely accepted that human error is the most prevalent vector for cyber-attacks and is poorly protected against by ineffective training programmes. Advanced analytics applied to real-time behavioural data presents an original approach for CISOs to control human cyber risk. CultureAI is pioneering this with its market-leading software, offering immediate visibility and mitigation of vulnerabilities.”
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