Riot Raises $30M to Enhance Employee Cybersecurity

Riot Secures $30 Million Series B Funding

French cybersecurity firm Riot has successfully completed a $30 million Series B funding round, following a year of significant growth and reaching $10 million in annual revenue in 2024. The company’s initial focus was on cybersecurity awareness training for employees, but it is now expanding its scope to proactively reduce employee-related security vulnerabilities.

Investment Details and Valuation

Left Lane Capital spearheaded the funding round, with participation from existing investors including Y Combinator, Base10, and FundersClub. Sources indicate that Riot’s post-money valuation now exceeds $170 million after this Series B investment.

From Phishing Simulations to Comprehensive Training

Riot initially gained traction through simulated phishing attacks. These realistic email simulations aimed to educate employees about identifying and avoiding malicious links and requests for sensitive information.

The company subsequently broadened its offerings to include a wider range of educational resources, complemented by Albert, a user-friendly security chatbot accessible via platforms like Slack and Microsoft Teams.

Significant Growth and Client Base

Riot’s approach has proven effective, currently impacting 1 million employees across 1,500 organizations. Notable clients include L’Occitane, Deel, Intercom, and Le Monde, representing substantial growth from the 100,000 employees served a few years prior.

The Rising Threat of Cyber Incidents

Despite increased awareness, cyber incidents continue to escalate, causing widespread disruption. The recent Change Healthcare data breach, affecting 190 million Americans, exemplifies this trend, originating from compromised credentials and a lack of multifactor authentication.

Expanding Beyond Education: Employee Security Posture Management

Recognizing the need for a more proactive approach, Riot is developing an Employee Security Posture Management platform. This platform will assess and improve employee security practices.

According to Riot founder and CEO Benjamin Netter, the platform will evaluate factors such as multifactor authentication status, smartphone security codes, and LinkedIn privacy settings, identifying areas where employees can strengthen their defenses against cyberattacks.

A Centralized Cockpit for Employee Security

Riot envisions its new platform as a central hub for managing employee security. While numerous Posture Management solutions exist, the company believes employee-level security has been historically overlooked.

The "Karma Score" and Proactive Nudges

The platform will automatically analyze employee security configurations and assign a “karma score” to indicate their overall security posture. This score will serve as a benchmark for improvement.

Riot will then provide targeted recommendations to employees, encouraging them to enable multifactor authentication or adjust privacy settings. These small changes, Netter emphasizes, can significantly hinder attackers.

Addressing the Challenge of Personal Device Security

A key challenge lies in extending security measures to employees’ personal devices and online activities, as phishing attacks now occur on platforms like WhatsApp and LinkedIn is frequently exploited for social engineering.

To address this, the new security product will incorporate consumer-focused design elements, including engaging animations and gamification features to motivate users to enhance their security practices.

Long-Term Vision: A Complete Employee Security Stack

Netter’s long-term goal is to establish Riot as a comprehensive provider of employee security solutions. This could potentially include offerings such as antivirus software or password managers.

Future Growth and Expansion

The recent funding will enable Riot to accelerate its growth, expand its international presence, and further develop its advanced security products. The company plans to establish new offices and broaden its client base.