Cape Breton-based Securicy, which provides end-to-end cybersecurity tools and resources for small and medium businesses, has raised $1.8 million in funding from both public and private investors.
“Many startups and SMEs struggle with information security compliance issues…without the internal capabilities to meet these new demands.”
The company raised $1.2 million from a series of private investors, including Hub Angels, Panache Ventures, Concrete Ventures, Innovacorp and several prominent angel investors from the Boston area. An additional $600,000 was invested through federal and provincial governments in the form of debt or non-dilutive financing. Specific public programs that provided the funding were not named by the company.
“Securicy’s platform has navigated companies through the security requirements of large corporations such as Target, Netflix, Lyft, Salesforce, and National Bank,” said Securicy co-founder Laird Wilton. “It’s deeply satisfying to see our customers efficiently tackling complex security assessments, building trust with their customers and winning big business.”
Founded in 2016, Securicy began beta onboarding after completing the 2018 TechStars Boston program and raising a $500,000 USD pre-seed round from TechStars. Three months after the company’s official launch, it has been picked up by a number of North American SaaS companies.
Its current offerings include a policy creation tool, allowing users to develop customized information security and privacy compliance policies that are based on industry best practices. Its Securicy Plus and Securicy Premium allow users to create groups and assign policies and tasks to the groups. The premium services also allow users to build out implementation projects, share policies with team members, as well as tracking and reporting progress.
“We are seeing many startups and SMEs struggle with information security compliance issues (security questionnaires, SOC audits, government regulations) without the internal capabilities to meet these new demands,” said David Verril, founder and managing director at Hub Investment Group. “The Securicy leadership team has the unique experience of living in the startup space, feeling the pain of compliance and developing a simple, pragmatic, and automated approach to solving that pain.”
Securicy was also named one of the Top 25 up-and-coming ICT companies in Canada. The Top 25 list recognizes young companies that show promise based on creativity rather than revenue, and is part of the Branham 300, an initiative that ranks Canadian tech companies in various categories.
Image courtesy Securicy