CIBC Innovation Banking Announces Growth Capital Facility for Beauceron Security
MONTREAL, February 09, 2023--(BUSINESS WIRE)--CIBC Innovation Banking is pleased to announce a growth capital facility for Fredericton-based Beauceron Security Inc. ("Beauceron Security"), a cybersecurity SaaS platform that helps businesses of all sizes manage and monitor for cyber risks.
Beauceron Security plans to leverage the growth capital facility to continue building new features and products to further assist businesses in reducing their vulnerability to human-centric cyber risks.
Beauceron Security’s platform helps companies educate their employees on security awareness and risk reduction. The company turns employees into active participants in the discovery and resolution of phishing-based cyber-attacks. "Beauceron Security has demonstrated that its platform is well adapted to help with security needs for small and mid-sized businesses, as well as enterprise businesses," said Eric Laflamme, Managing Director in CIBC Innovation Banking’s Montreal office. "The team was able to understand the untapped needs of the market and translate it into a solution that’s been widely adopted. We are excited to help Beauceron with its growth journey."
Last year, Beauceron launched a new service and patent-pending technology to help organizations provide feedback to employees reporting suspicious e-mails. Organizations have noted a significant increase in employees reporting suspicious activity, and decrease of engaging with phishing emails through use of the platform.
"This is a fantastic opportunity for our firm to continue our ambitious plans," said David Shipley, Co-Founder and CEO, Beauceron Security.
"We thoroughly enjoyed working the CIBC Innovation Banking team. They understand how to work with start-ups to help them achieve their full potential. Working with CIBC Innovation Banking is going to help us to scale our business, and with market expansion."
Beauceron Security’s existing investors include BankTech Ventures, Independent Community Bankers of America (ICBA), Mariner Partners and New Brunswick Innovation Foundation (NBIF). To date, they have raised $5 million in equity capital.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.
About Beauceron Security
Beauceron Security helps organizations execute cybersecurity awareness programs that empower team members to make better decisions and reduce their cyber risk. Through a positive, automated approach to cybersecurity awareness and training, Beauceron Security enables teams to make cybersafe decisions that deliver better results 4x faster than market leaders. Platform users have experienced an 85% decrease in phishing simulation clicks, 99% increase in emails reported in just 90 days. With over 680 clients worldwide, Beauceron Security is proud to work with some of North America's largest and most heavily regulated financial institutions and telecoms, as well as government organizations and business enterprises of all sizes. Find more information at beauceronsecurity.com
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