DynaRisk, a London, UK-based raised an extension of the seed funding round, bringing total funding to over $3m.
This round was led by Nexus Investments with participation from existing investors Insurance Capital Partners and Jonathan Marland. The company was originally backed by London based Cylon Lab.
The company intends to use the funds for working capital and to start facilitating the entry into the North American markets.
Led by Andrew Martin, Founder & CEO, DynaRisk has built cyber security risk management tools for SME businesses and consumers. The company’s Breach Defence and Cyber Xpert products help users stay safe from cyber attacks while helping insurers reduce claims, improve client retention and obtain valuable risk data. DynaRisk combines multiple security modules in one place including Dark Web, Vulnerability and Hacker Chatter monitoring with Education and Phishing Simulation learning modules. DynaRisk’s platforms can be white labelled for partners and supports multiple languages. Integrating the business or consumer products is possible with single sign-on and licencing APIs. APIs are also available to query the company’s dataset of over 16bn leaked data records and 3m+ hacker chatter mentions.
The solutions are both included with cyber insurance policies and sold without insurance via agents and risk management consultants.
DynaRisk works with over 15 clients in 8 markets around the world with over 5,000 users on their platforms.
With the close of this round, Andrew Martin has relocated from London to Toronto in order to lead the company’s expansion in this new market as it looks towards a Series A in 2021.