London-based cybersecurity company OutThink has raised US$10 million in early-stage investments backed by venture capital firm AlbionVC, it said on Tuesday, as it looks to help organisations identify human behaviour that can lead to data breaches.
The company, which says human behaviour is the source of 91 per cent of data breaches, uses machine learning, natural language processing and applied psychology to identify, understand and manage the attitudes, intentions and sentiment of individuals.
Founded by a team of chief information security officers, security experts and researchers, the group said organisations carried a "significant level of risk" despite considerable investment in cybersecurity technology and security awareness solutions, especially as remote working practices grow.
"The fact cybercrime continues to rise proves such conventional approaches aren't working and there is an urgent need for a new, more effective approach," OutThink said in a statement.
The financing, in which Triple Point Ventures, Forward Partners, Gapminder and Innovate UK took part, brings the firm's total funding to US$11.4 million. The money will be used to speed up its international distribution.
OutThink said its platform was used by major organisations, including Whirlpool, Danske Bank, Rothschild and NatWest.