Kitchener-Waterloo cybersecurity startup, Zebu, has closed $5.2 million CAD ($4 million USD) in seed financing, in the company’s first round of funding to date.
Zebu’s platform uses encryption technology to allow businesses to safely store files, invoices, and schedules. Investors in the round were not disclosed, but Zebu said the new funding will be used to expand its global reach and facilitate secure business collaboration.
“This funding will enable Zebu to help owners and managers better manage their daily tasks through an easy-to-use platform.”
“With small-and-mid-sized businesses increasingly vulnerable to cyber-attacks, we want to ensure they have access to software that allows them to work successfully without worrying about threats,” said Zebu CEO Jesse Thé. “This funding will enable Zebu to help owners and managers better manage their daily tasks through an easy-to-use platform and ensure their confidential information is protected.”
Cyberattacks are becoming more common in the public and private sector, with organizations of all sizes falling victim to online hacking. According to the National Cyber Security Alliance in the United States, 60 percent of small-and-medium-sized businesses that are hacked fold within six months.
Zebu’s software works on web browsers, mobile phones, Windows, and Mac to handle a company’s communication, scheduling, and file management. Through the platform, only the sender and recipient have access to encryption keys that are used to open communications and other files. Zebu is offering free trials for new clients, with paid plans starting at a monthly rate of $8.84 CAD ($6.67 USD) per user.
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The company claims to use the same technology as the United States government, in order to safeguard classified information. Zebu guarantees that its staff will never be able to view, scan, or share users’ messages. The startup was founded in 2015 by a team of Waterloo-based software developers, and the platform has been adopted by clients in Canada, the United States, Brazil, India, Qatar, and Kuwait.
A NOVIPRO report from earlier this year found that cybersecurity is the biggest area of concern for businesses across Canada, which has given rise to a number of startups looking to fill the security gaps for the tech sector. Startups from coast-to-coast like ElevatedPrompt, Beauceron, and Kobalt, have emerged over the last few years, while larger institutions, as well as government bodies, have made attempts to educate Canadian businesses on preventing cyberattacks.
Image source Unsplash, photo by Marvin Meyer