Cybersecurity startup Kobalt closes $1 million CAD founders round

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Cybersecurity startup Kobalt has raised a $1 million CAD founders round, led by its co-founders, Pankaj Agarwal and Boris Wert, as well as Version One Ventures.

“Their expertise, support, wisdom, and energy have been key for us early on in our journey.”

The Vancouver-based company aims to bring the monitoring capabilities of enterprise-class security teams to smaller organizations. The company builds on various existing frameworks and toolsets, combining the capabilities of the cloud and data at scale to address the complexity of cybersecurity.

“Pankaj’s and Boris’ involvement was a key reason I chose to embark on this endeavour,” said Michael Argast, fellow co-founder and CEO of Kobalt. “Their expertise, support, wisdom, and energy have been key for us early on in our journey and I look forward to continuing this adventure with them at our side.”

Agarwal founded a number of companies including Optimus Information, Enkel, and TriNimbus prior to its acquisition by Onica, and was an early stage investor and supporter of several successful technology firms. Wertz is the founding partner at Version One Ventures, a BC- and Silicon Valley-based firm with an investment thesis in companies that leverage data at scale and network effects.

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Kobalt was incubated by Version One Ventures. The VC firm typically leads or participates in pre-seed and seed deals, with cheques sitting between $500,000 and $750,000. In a blog post, Wertz stated that the company invests in machine learning and SaaS companies. Last October, Version One closed $57 million CAD in its Fund III.

“While security is a real concern for all, the reality is that many small and medium-sized organizations don’t have the resources to have a full-time security expert on staff to monitor security incidents,” said Boris. “We’re excited to invest in Kobalt to help address this challenge.”

Version One also said Kobalt unveiled its product on April 29, and said its first customers have been begun using the service, with more expected to join.

Image courtesy Unsplash.

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast