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Risk Management Funding: Elevate Security Receives Investment

Business arrow increase of success graph and growth stock market earnings financial on profit income background with diagram chart investment.

Elevate Security, a workforce risk and intelligence solutions company, has secured a strategic investment from Cisco Investments.

The company will use the investment to drive its product development and expand its roadmap, according to a prepared statement. It also is expanding its cyber risk identification and analysis capabilities to integrate with various security solutions and ensuring these solutions can adapt to the risk characteristics of individual end-users.

Elevate Partners with Booz Allen

The investment comes after Elevate in September 2022 announced a strategic partnership with Booz Allen Hamilton, a Top 250 MSSP. Together, Elevate and Booz Allen are exploring ways to address the "human element" of cybersecurity risk, the companies noted.

To date, Elevate has combined its human cyber risk quantification and mitigation software with Booz Allen’s cybersecurity consulting services, the companies stated. In addition, Booz Allen's Commercial team is using Elevate's cyber risk intelligence capabilities to deliver risk assessments and provide organizations with insights into their internal cyber risks.

Elevate also supports the Booz Allen Commercial team's Dynamic Cyber Trust solution, which aligns zero trust principles to individual risk scores to help organizations minimize insider risks.

Elevate Reports "Significant Growth' in 2021

2021 was a year of "significant growth" for Elevate, the company stated. Some of the company's milestones during the year included:

  • Nearly quadrupling its enterprise annual recurring revenue for its SaaS User Security platform year over year
  • Expanding its sales and marketing team
  • Appointing its first chief revenue officer

Elevate offers an insider risk management platform that organizations can use to identify their "riskiest users" and prevent security incidents, the company indicated. The platform quantifies workforce risk by building human risk scores based on an individual's likelihood of causing an incident and the potential impact. It also can be used in conjunction with security information and event management (SIEM), identity and access management (IAM) and other security tools.

At this time, Elevate does not offer a channel partner program. However, Elevate may look to provide a channel partner program in the future.

Dan Kobialka

Dan Kobialka is senior contributing editor, MSSP Alert and ChannelE2E. He covers IT security, IT service provider business strategies and partner programs. Dan holds a M.A. in Print and Multimedia Journalism from Emerson College and a B.A. in English from Bridgewater State University. In his free time, Dan enjoys jogging, traveling, playing sports, touring breweries and watching football.