Cybersecurity Startup Protexxa Secures $7M, Largest Raised By A Black Woman Founder In Canada
Protexxa, a cybersecurity startup, has successfully secured $10 million Canadian dollars ($7.2 million USD) in Series A funding, the largest round ever raised by a sole Black woman founder in Canada.
Claudette McGowan, a renowned information technology and cybersecurity executive, founded Protexxa with a vision to enhance global cyber defenses through improved personal cyber hygiene.
Innovating Cybersecurity with AI-Powered Solutions
Protexxa’s flagship platform, Protexxa Defender, uses AI to quickly identify, evaluate, and resolve cyber issues.
The platform addresses a need in the cybersecurity landscape, where 90% of cyber attacks are attributed to human error.
By providing companies and individuals with a cyber health score and actionable improvements, such as identifying exposed passwords and removing sensitive online images, Protexxa helps mitigate risks and enhance overall security.
In addition to preventative measures, Protexxa offers tailored incident response plans, ensuring organizations can swiftly recover from cyber attacks.
This approach to cybersecurity has resonated with businesses, driving demand for Protexxa’s solutions across various sectors, including finance, telecommunications, and healthcare.
Breaking Records and Expanding Horizons
The successful Series A round, which follows a $5 million Seed round in 2022, brings Protexxa’s total funding to $15 million.
The new capital will be used in advancing engineering and data science innovations on the Protexxa Defender platform and expanding the company’s sales and marketing teams as it looks to enter global markets, particularly in the United States.
Protexxa’s investor roster for the Series A round includes prominent names such as Bell Ventures, Sandpiper Ventures, Export Development Canada, BKR Capital, The Firehood Angels, and Graphite Ventures.
Notable individual investors include Sonia Baxendale, Geoffrey Matus, Annette Verschuren, and Ralph Lean, further highlighting the confidence in Protexxa’s vision and potential.
Feature Image Credit: UWI Toronto
Amendment: This article and headline has been edited to make it clear that Protexxa raised $10 million CAD which is approximately $7.2 million USD.
