Cybersecurity startup Enveedo raised $3.15 million to guide businesses through the process of building their own security programs.
Headquartered in downtown Miami, the startup's risk management platform provides a roadmap to help security and IT professionals develop strong cybersecurity protocols. The seed funding round was led by Austin-based venture capital firm Silverton Partners with participation from Runtime Ventures and Blu Ventures.
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Enveedo, which has at least 10 employees, will use the capital to hire additional staff and accelerate product innovation. The company did not immediately respond to a request for comment about its hiring goals.
CEO Luciano Salata said the funding came from investors with extensive knowledge of the cybersecurity sector.
Enveedo is now poised to improve "cyber resiliency for businesses that are in desperate need of help and guidance to protect their crown jewels," Salata said.
Cybersecurity systems are more important than ever for businesses. Cyberattacks and data breaches are up as the digital economy grows, boosting demand for strong cybersecurity protection.
Breaches can have huge financial consequences for businesses. Damage for cyberattacks is expected to reach $10.5 trillion annually by 2025, according to one analysis from McKinsey. That's up 300% compared to 2015.
Businesses around the world spent an estimated $150 billion in 2021 alone to protect themselves from cyberattacks, the consulting group reported.
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However, funding data suggests the industry could be oversaturated with vendors. Cybersecurity startups raised just $1.9 billion from investors during the third quarter of 2023, a 30% drop compared to the same period last year. The industry is projected to hit a four-year funding low this year.
Enveedo's step-by-step guidance for IT professionals stands out because it offers a simple way to help customers reach their security goals, said Silverton General Partner Kip McClanahan.
"For businesses operating in today's dynamic threat landscape, Enveedo's product is timely and very impactful," he added.
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