GapMinder, the venture capital fund that invests in technology companies created in Romania and Central Europe, invested in OutThink, a cybersecurity SaaS platform that identifies, understands and manages human risk. The platform raised $10m in a seed stage funding round to continue expanding its leadership and accelerating international distribution.
OutThink is a product created by Chief Information Security Officers (CISOs) for CISOs that uses machine learning, natural language processing and applied psychology and is able to identify individuals’ attitudes, intentions and sentiments within an organization.
GapMinder invested along to AlbionVC, TriplePoint Ventures, Forward Partners and Innovate UK. The founding round was led by AlbionVC.
This new financing takes the total amount raised by OutThink to $11.4 million. This seed round follows a year in which OutThink annual recurring revenue (ARR) quadrupled.
Headquartered in London, OutThink has a global client base, all of whom are served locally from offices located in Europe, the Middle East and Asia Pacific. Some of Outhink clients are Whirlpool, Danske Bank, Rothschild, NatWest and other FTSE 100 brands.
“The idea for OutThink was born out of frustration that existing solutions on the market were failing, yet it also came from a passionate belief that if we engaged people beyond traditional security awareness training into human risk management, we could make them the organization’s strongest defense mechanism. We are delighted to welcome AlbionVC, TriplePoint Ventures, and GapMinder to our team as we create a new category within the cybersecurity solutions market”, said Flavius Plesu, Founder and CEO of OutThink.
“Cyberattacks are one of the top biggest threats of this decade, according to World Economic Forum. At the same time, cybersecurity solutions have historically centered on solving the technical aspect, almost ignoring human behavior. OutThink is a product that completely changes the way that security solutions works. Instead of treating human behavior – the cause of 91% of data breaches worldwide – as the problem, OutThink treats it as the
solution. It’s a fundamentally different approach that has led OutThink to reinvent human risk management in cybersecurity. We are glad to support OutThink to continue its worldwide leadership and accelerate its growth”, says Dan Mihăescu, Founding Partner GapMinder.