Spain cybersecurity startup Kymatio closes €725,000 in financing round from Sabadell and JME Ventures

Spain cybersecurity startup Kymatio closes €725,000 in financing round from Sabadell and JME Ventures

Published: 23-06-2020 16:38:00 | By: Pie Kamau | hits: 1228 | Tags:

Kymatio, the SaaS platform that enables the management of cyber risk for employees, has increased its first round of investment by 40% to accommodate two new partners, Banco Sabadell BStartup and the JME Ventures fund, thus joining the round led by The Crowd Angel, which had great support from Wayra, Telefónica’s open innovation hub and prominent Business Angels such as Enrico Raggini.

The startup addresses cybersecurity from one of the most significant parts of risk: that associated with people. 60% of security incidents involve internal personnel. Organizations face massive losses in domestic incidents with an average cost of 8 million euros in large corporations and 40,000 euros in the case of SMEs.

Fernando Mateus, CEO Kymatio said: “70% of organizations have suffered an internal incident, Kymatio determines the cyber risks being faced, and assesses the level of awareness of each employee in the main areas of cybersecurity to automatically deploy measures focused on customized strengthening of the individuals in those areas of risk, and enhancing the role of the first and last line of defense that employees have”.

With this round, Kymatio aims to fuel sales and carry out an effective deployment of the product, affing abilities to identify , analyze, and provide everything an organization needs to address the security risks linked to information and the employees.

Yolanda Pérez, Director BStartup said: ''Cybersecurity is a field of growing importance to businesses and with the expansion of remote work will even more relevant. Kymatio allows a holistic prevention strategy, tackling the problem from the human factor by the means of state-of-the-art techniques and innovative technology. At Banco Sabadell we hope to be able to contribute to the growth of this company that has a first-class team and product.”

Lourdes Álvarez de Toledo, Principal JME Venture Capital said: “Kymatio is a pioneer in addressing vulnerability and internal cyber risk threats by coupling technology with neuroscientific tools. This position, together with the team that leads it, as well as the distribution agreements that it is carrying out, are the factors that make us trust in the future success of this company.”

To date, Kymatio has had the support and validation of important cybersecurity institutions, such as INCIBE, and leading neuroscience research centers, such as the Autonomous University of Madrid. The start up was acclaimed winner of the first call for Cybersecurity by ElevenPaths and the Ministry of Science and Innovation, granted the NEOTEC grant from the CDTI for technology – based companies of 160,000 euros.