Woman-owned cybersecurity platform SPHERE has collected $10m in its Series A round, which was led by ForgePoint Capital.
With the capital, the RegTech platform hopes to extend its platform’s capabilities, with a focus on supporting cloud platforms like Office 365. Additionally, the company will expand its managed service operations, including its automation platform.
Participation for the round also came from former JPMorgan Chase executive director Omkhar Arasaratnam, former TD Securities global head of technology risk management and information security Joel Caminer, former Scivantage president and CEO Adnane Charchour and former Bank of America chief security scientist Sounil Yu.
As part of the deal, ForgePoint Capital managing directors Don Dixon and Will Lin will join the SPHERE board of directors.
SPHERE aims to improve security and enhance compliance, by implementing controls for sensitive data to ensure the right governance processes are used.
Its platform offers a unified approach, improved processing, and procedures that leverage technology and skillsets to offer predictable outcomes. It also boasts a customised method to problem solving, giving clients tools that marry their operations.
Clients can implement the platform to minimise their risk of a data breach and implement stronger access controls. Its aims is to continue helping companies protect their on-premise and cloud systems from attacks and breaches.
SPHERE CEO and founder Rita Gurevich said, “As large organizations are honing in on the need to improve access controls, and they look to migrate data into the cloud, proper visibility with a plan to remediate and maintain an evergreen process, will be critical to how well the organization functions, and the level of security they achieve.
“We are excited to partner with ForgePoint Capital to scale our offering to meet the growing demand for automation, supported by a team of experts, by helping organizations simplify reporting and remediation to eliminate risk.”
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