Tuesday, December 6, 2022
FOR IMMEDIATE RELEASE
ANN ARBOR, Mich. — SensCy, a start-up committed to helping small and medium-sized businesses (SMBs) strengthen their cybersecurity health and achieve better protection against escalating cyberattacks, announces the closing of a $4 million seed round.
“We were oversubscribed for our seed round. This is a testament to our veteran leadership team, our comprehensive cyber solution for SMBs, and our thoughtful approach which helps business owners sleep better at night” said CEO Rick Snyder. “SMBs are in desperate need of cybersecurity guidance because they are significantly less protected than larger organizations. SensCy launched in July 2022, to fill this void. We offer our clients an affordable, easily understood solution and the personal attention required to create a proactive cybersecurity culture to help mitigate their risk.”
SensCy’s high-tech, high-touch model ensures SMBs have the proper education, sound policy, best practices, and a clear understanding of their cyberhealth (including regular reports and alerts to real-time threats) to reduce the risk of a catastrophic cyber event and increase the ability to respond and recover if one occurs. SensCy also provides a SensCy Score™ —a numeric representation of the effectiveness of an organization’s cyberhealth. Using various data points, SensCy’s proprietary algorithm calculates the personalized score. Like a FICO score, it is ideal to have your score at or above 800.
Mahendra Ramsinghani, Managing Director of Secure Octane Investments, said “The SensCy team is an all-star team, unique in many ways—they bring a sense of urgency, expertise in starting and building global enterprises, and above all, the much-needed human touch.” Ramsinghani added, “Cybersecurity is a growing problem, but technology cannot solve everything. If it did, we would not be seeing ransomware stealing away $40 – 50bn each year.”
In addition to Secure Octane Investments, SensCy also received seed investments from ID Ventures, Wakestream Ventures, Michigan Rise and several accomplished angels.
Earlier this year, the Small Business Association of Michigan (SBAM) partnered with SensCy to offer cybersecurity support to its members. “Small businesses need to be protected from cyberattacks,” said SBAM Senior Vice President, Scott Lyon. “SensCy brings a much-needed service to our members at an affordable rate.”
SensCy’s approach to cybersecurity has been well received by its clients. “We started working with SensCy because we wanted to ensure we had the right pieces in place with our cybersecurity posture in today’s environment,” said Laura Khoury, CEO of Shoptelligence. “We are grateful that we brought SensCy on board. They bring a focused, common-sense approach to cybersecurity. Having ongoing touch points, guidance on alerts, and training and awareness for our employees in simple, easy-to-understand terms has been an invaluable component for our organization’s improved cyberhealth.”
Jeff Rinvelt, Partner at Renaissance Venture Capital, said, “Mitigation of cybersecurity risks has become a priority for private equity funds. A SensCy Score™ is an excellent way for us to assess that risk and work toward programs that will mitigate it. SensCy’s combination of personal touch and technology is comprehensive, easy to understand, and created for a team without the need for a dedicated cybersecurity department.”
For additional information about SensCy, visit www.senscy.com
About Secure Octane
Over the last decade, Secure Octane Investments has been working closely with technology founders to shape their ideas and launch cybersecurity enterprise startups. The fund invests in early stage (Seed, Series A / B) companies with an emphasis on cybersecurity, data platforms, developer productivity, and enterprise infrastructure. Secure Octane is headquartered in San Francisco, California and invests across the USA, Canada, Israel, and Europe. https://www.secureoctane.com/
About ID Ventures
ID Ventures is the venture capital program of Invest Detroit. They are a passionate team of experts deeply committed to growing and strengthening Michigan’s startup ecosystem. Based in Detroit, ID Ventures is the most active early state investor in the state. https://idventures.com/
About Wakestream Ventures
Wakestream Ventures finds its motivation and inspiration from their region’s rich history in innovation, industrial design, manufacturing, and emerging technology. They consider themselves an early stage generalist fund with deal sizes ranging from $150K–500K in initial investment size with follow on commitments for 2nd and 3rd rounds up to $1.5M cumulative. https://www.wakestreamventures.com/
About Michigan Rise
Michigan Rise Pre-Seed Fund III invests in Michigan tech startups to help commercialize innovative technologies. They are proud to partner with Michigan’s best and brightest tech entrepreneurs and further economic development in the Mitten State. https://www.michiganrise.com/
About Small Business Association of Michigan (SBAM)
The Small Business Association of Michigan is the only statewide and state-based association that focuses solely on serving the needs of Michigan’s small business community. They have been successfully serving small businesses in all 83 counties of Michigan since 1969. They are located in Lansing, just one block from the Capitol. https://www.sbam.org/
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About Renaissance Venture Capital
Renaissance invests in venture capital funds around the U.S. and connects those funds with both Michigan’s start-up community and with major companies looking for innovation. Renaissance’s work increases entrepreneurial activity in the region and introduces promising young companies to potential partners, providing benefit to both communities and enhancing financial performance. https://renvcf.com/