Fresh Start-up, Protexxa, Nets $4 Million Seed Funding to Fortify Cybersecurity Landscape

Protexxa, the novel cybersecurity enterprise under the seasoned leadership of Claudette McGowan, a renowned international IT and cybersecurity professional, seeks to tackle the business risk evolving from inadequacies in personal cybersecurity for both organizations and individuals.

Investment Details and Use of Funds

At an intimate gathering earlier this month, Protexxa publicized its successful seed funding round where it secured CAD$4 million. The funding round was primarily championed by BKR Capital, known for their strategic investments in innovative enterprises and promising Black tech entrepreneurs. Along with BKR Capital, The Firehood Angels, as well as angel investors such as Jeff Fettes, Annette Verschuren, and Leen Li backed the start-up. According to Protexxa, the fresh funds will bolster the development of the cybersecurity platform, orchestrate trials with international clients, and streamline the expansion of its operations. Protexxa is also in the process of filing numerous patents.

Claudette McGowan, who has previously served as Global Executive Officer for Cybersecurity at TD Bank, is at the helm of Protexxa. McGowan is an advocate for the progression of women in the tech sector, a commitment reflected in the investor profile of Protexxa – 70% of investors being women.

Revolutionizing Cybersecurity with Protexxa

The advent of Protexxa comes at a critical time. With half of the 4.95 billion global internet users falling prey to cybercrime, often unbeknownst to them, and 43% of cyberattacks being directed at small businesses, a comprehensive cybersecurity solution is needed now more than ever.

Protexxa is looking to overhaul cybersecurity by reconciling the correlation between personal cyber hygiene and business risk. It leverages artificial intelligence to swiftly identify, assess, forecast, and resolve prevalent cyber issues. “Our mission is to be an integral part of the solution against the burgeoning threat of cybercrime. Protexxa seeks to democratize cybersecurity by making it accessible to businesses and individuals alike,” says McGowan. She believes that personalized training, assessment, and consciousness plans will pivot cyber health in a positive direction.

Protexxa is presently undergoing trials across a variety of sectors including government, academia, and healthcare.

Protexxa Advisory Circle

Jodi Kovitz heads the company’s Advisory Circle as Protexxa Advisory Chair, a panel composed of eminent professionals like Wes Hall, Sherry Shannon-Vanstone, Yung Wu, Jean Augustine, and Larissa Holmes.

The Stakes are High in Cyber Security

In the cybersecurity world, 90% of digital breaches are caused by human error, highlighting the pressing need for adequate protection. With a 50% increase in global internet traffic due to remote work and lockdowns, new opportunities for cybercrime have emerged. In 2021, global cybersecurity expenditure surpassed $1 trillion. Phishing attacks account for more than 90% of successful assaults on businesses. It is estimated that by 2027, annual spending on training and cyber awareness will reach $21 billion.

About Protexxa

Protexxa, a B2B SaaS cybersecurity startup, emphasizes the relationship between personal cyber hygiene and business risk. The platform’s AI-driven tools rapidly pinpoint, evaluate, predict, and resolve prevalent cyber issues. In addition to this, Protexxa provides personalized training and consulting for companies globally.