- Wayra’s investment in Kymatio will help the startup boost its business development with Telefónica.
- The round remains open until mid April at The Crowd Angel.
- Kymatio identifies, analyzes, evaluates and provides everything necessary to treat internal risks of human origin related to information security.
Wayra Spain, Telefónica’s open innovation hub, has participated in Kymatio’s € 500,000 round led by The Crowd Angel alongside private Business Angels. Kymatio is a cybersecurity startup that identifies, analyzes, evaluates and provides everything necessary to deal with internal risks of human origin related to information security.
This SaaS allows to prevent risky situations and cyber threats for employees. The process is articulated through an online platform that makes a support section available to employees, where they interact with Kymatio via chatbot and receive personalized content according to identified needs.
By participating in Kymatio, Wayra maintains its commitment to invest in technology startups that can establish a business relationship with Telefónica and scale up by contributing its solution to its customer network that the group has worldwide.
“The greatest value we can bring to society is to continue investing in the best startups in the entrepreneurial ecosystem. With this investment, we not only increase the portfolio of cybersecurity startups in which Telefónica participates, but we will also be able to help more companies assess their internal risks and prevent incidents due to cybersecurity reasons”, explains Paloma Castellano, director of Wayra Madrid.
The financing round will remain open until mid-April through the online investment platform The Crowd Angel, which allows tickets to be invested from 3,000 euros, facilitates alternative investment, and the monitoring of the company once it is financed.
“With this round, we seek to enhance marketing and make an effective deployment of the product. In a few months of commercial activity, we have already managed to close agreements with companies such as Telefónica, Iberdrola and Santander ”, says Fernando Mateus, CEO y fundador de Kymatio
Ramón Saltor, CEO of The Crowd Angel comments, “computer security alerts, caused by employees, which put companies in check are becoming commonplace in a hyperconnected world, it is for this reason that we have decided to bet on Kymatio and contribute thus our grain of sand to a future of cyber attack prevention””
Cybersecurity, strategic for corporationsCurrently, according to studies published as the IBM X-Force® Research, organizations are losing millions of euros in internal incidents. 60% of security incidents involve internal personnel. This translates into an average cost of € 8 million in large corporations, with an additional 400,000 euros of remediation cost for each of these accidents. To solve this problem, Kymatio lands on the market with the aim of promoting the prevention of incidents and threats with an internal origin, strengthening the culture of cybersecurity and the well-being of the entire organization through risk prevention plans and awareness.
“There is still a problem and that is that companies manage part of the risk, the technological risk, but they do not contemplate a significant part, the risk associated with people. Actions are very limited to general awareness, with low permeability, and detection using a reactive approach. This is why Kymatio, the internal information security cyber risk management platform focused on employees, was born . ”Explains Fernando Mateus..To date, Kymatio has had the support and validation of important cybersecurity institutions, such as INCIBE, and neuroscience, such as the Autonomous University of Madrid. In 2017 they were the winners of the first ElevenPaths Cybersecurity call, and in 2018 the Ministry of Science and Innovation awarded them the NEOTEC grant (CDTI) for technology-based companies 160,000 euros. In 2019, they consolidated the team with the incorporation of the 4iQ company co-founder, David Sánchez, to direct the company’s business strategy. In a few months, the team has demonstrated commercial power and market fit, closing agreements with IBEX companies and with companies in the cyber security sector.
Wayra is the most global, technological and connected Telefónica open innovation hub in the world. Wayra is present in 7 hubs with activity in 10 countries in Europe and Latin America, with a clear objective: to help startups grow on a global scale. In Spain, Wayra has a presence in the two most relevant innovation hubs in the country: Barcelona and Madrid. Since 2011, between Wayra and the entire area of open innovation (Wayra, Open Future and Telefónica Innovation Ventures), Telefónica has invested more than 166 million euros . As of today, there are more than 500 startups participating in the portfolio and 130 are already working with Telefónica.
About the Crowd Angel
The Crowd Angel is an investment platform accredited by the CNMV. The company is founded by Ramón Saltor and has Inveready, Keyword VC and Sevenzonic as partners, in addition to new partners who have joined in a new capital increase. Since its foundation, The Crowd Angel has financed 53 operations, in startups such as Glovo, Yego, Buguroo, Pangea, Amadix or Innovamat. Currently, The Crowd Angel has more than 17,500 investors registered on its platform, the average investment ticket in 2019 was € 6,377.32 and a total of invested capital amounting to € 18.1 M. More information at www.thecrowdangel.com