Elevate Security Raises $8 Million from Defy, Costanoa to Solve the Human Element of Cybersecurity

The funding is enabling the inclusive security startup to rapidly
expand its footprint through key hires and general availability of the
Elevate Platform, which delivers security behavior insights and change.

BERKELEY, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/cybersecurity?src=hash” target=”_blank”gt;#cybersecuritylt;/agt;–Elevate
Security
announced today that it has raised $8 million Series A to
develop the first fully integrated Security Behavior Platform, to change
employees’ habits while giving Security teams unprecedented visibility
into security readiness. Defy Partners led the financing, with existing
investor, Costanoa Ventures, participating. Elevate has raised $10M to
date and will be using this new capital to expand the team, open a new
engineering hub in Montreal, and accelerate go-to-market for its
platform.

According to the 2018
Verizon Data Breach Investigations Report
, 93% of all breaches are
the result of attacks targeting people — namely, employees. Traditional
security awareness training has not reduced this risk, leaving employees
uncomfortably numb, concerned but un-empowered. Leveraging the latest
advances in behavioral and data science, Elevate is providing a sorely
needed new approach to motivate, enable and reward employees for making
good decisions, while providing CISOs and awareness practitioners
visibility and insight into employee behavior and risk.

In order to develop the platform to make people-powered security
attainable for all companies, Elevate has hired Jean-François Gailleur
as vice president of engineering. Jean-François has held key leadership
roles at AppDirect, SAP and RadialPoint, in addition to lecturing at
École de technologie supérieure in Montreal. Gailleur is charged with
building out Elevate’s engineering team in Montreal.

The funding will also be used in part to accelerate the go-to-market
strategy of the Elevate Platform, which measures, motivates and rewards
employee security behavior change.

“Sending more content to our employees just wasn’t moving the needle on
risk prevention,” said Elevate customer, James Hong, Sr. Manager,
Security Engagement, Autodesk. “Elevate is helping us change the game
and take our program beyond awareness to readiness by giving us and our
employees visibility and insight to know how we are doing along our
journey to employee-centric risk reduction.”

“The vast majority of hacking breaches have to do with taking advantage
of people,” said Trae Vassallo, co-founder and managing director from
Defy. “Elevate founders, Robert and Masha have combined their knowledge
and expertise in cybersecurity to help transform employees from
potential weaknesses into security assets.”

“We’re really proud to be building an inclusive security company, and
partnering with Defy and Costanoa is enabling us to do that in a
powerful way,” said Masha Sedova, co-founder and chief product officer.
“Our company is 50% female, engineering included, and we have an
all-women outside board. The culture we’re building internally is just
as exciting as what we’re building externally for our great customers.”

As part of this financing, Trae Vassallo and Martina Lauchengco have
joined the board.

Robert Fly, co-founder and chief executive officer, said, “For too long,
companies have treated their employees like the weakest link. We knew we
could help customers empower their employees to be security superheroes
against threats. I’m excited to build a team to make this a reality for
more and more companies.”

About Elevate Security

Elevate Security is the first fully integrated Security Behavior
Platform. Elevate enables CISOs and security awareness practitioners to
transform employees into security superheroes as a first line of defense
against the 93% of security incidents that target human error. Customers
across industries, from Autodesk to Clover, have seen employee detection
and reporting of attacks improve by 5x or more. With offices in
Berkeley, CA, and Montreal, Elevate is backed by Defy Partners, Costanoa
Ventures, and is currently hiring. To learn more, please visit www.elevatesecurity.com.

About Defy

Founded in 2016, Defy is a new venture firm exclusively focused on early
Series A, an underserved part of the venture landscape. The firm
launched in 2017 after closing its first fund of $151 million. Defy was
co-founded by long-term venture capitalists Neil Sequeira and Trae
Vassallo, with a goal to invest in entrepreneurs and companies looking
to solve complex problems. Defy’s focus is to help companies, after seed
funding, mature and scale into companies ready for growth capital. The
firm’s founding team has more than 40 years experience in helping
successful entrepreneurs grow companies like The Honest Company, Nest,
Elemental, Dropcam and more. For additional information, please visit defy.vc.
Follow Defy @defyvc on Twitter.

About Costanoa Ventures

Costanoa Ventures backs tenacious and thoughtful founders who change how
business gets done. Costanoa seeks to be a long-term partner to
entrepreneurs building durable companies leveraging data to solve
complex business problems. For more information, please visit www.costanoavc.com.

Contacts

Rachel Torres
(626) 344-7738
[email protected]