The Manchester-based cyber security platform raised £3m from backers including Senovo and Passion Capital.
"We successfully gain access to organisations’ data and systems every time and it’s almost always as a result of human behaviour or error. As an example, multi-factor authentication (MFA) is often touted as a key cyber defence – yet we find that an average of 32% of employees accept MFA authentication requests sent by attackers, essentially opening the door for them. The traditional awareness training approach simply doesn’t improve behaviours like this – hacking people is still too easy."
Frog Capital led the investment round, which will support platform enhancements and international expansion.
"The world of intelligence and investigations is no longer constrained to policing, there is much wider application. Organisations are under growing scrutiny, finding themselves more susceptible to threats and with a much greater duty of care towards the vulnerable."
Henley Business Angels and previous backers provided seed follow-on capital to fund product development and market expansion.
"Businesses – particularly small and medium businesses with limited security budgets or expertise – are increasingly exposed to the risks of cyberattacks and data breaches. This investment, combined with the wealth of expertise that our new investors bring to the team will enable us to protect more businesses."
The Series A round was led by Eight Roads Ventures with backing from MMC Ventures, Crane Venture Partners and Winton Ventures.
"We are facing a new reality whereby attackers are advancing more quickly than legacy approaches can keep up with, but hybrid and multi-cloud environments are far more complex than we yet know how to defend. Added to this, the volume and speed of data is beyond what legacy architecture was ever designed to handle. The daily headlines show legacy approaches don’t work and if we don’t do something courageous now as a security community or we aren’t going to stand a chance in the future. We chose to partner with Eight Roads Ventures because of their ability to support SenseOn’s vision, thanks to their collaborative partnership style, their strong knowledge of the cyber industry and their global footprint."
