Schroder UK Public Private Tst plc Investment in Tessian (6153Z)
May 25 2021 - 6:00AM
UK Regulatory
TIDMSUPP
RNS Number : 6153Z
Schroder UK Public Private Tst plc
25 May 2021
Schroder UK Public Private Trust plc
Investment in Tessian
Schroder UK Public Private Trust plc (the "Company") is pleased
to announce it has made a $6.75m investment into cybersecurity
company, Tessian Limited ("Tessian"), as part of its $65m Series C
funding round to accelerate its mission of quantifying and
preventing human risk in enterprises across the globe. This
represents the first new investment for the Company since the
appointment of Schroder Investment Management Ltd as Portfolio
Manager on 13 December 2019 and a major milestone.
Tessian's Series C round was led by March Capital, a U.S.-based
venture growth firm, with participation from existing shareholders
including Sequoia Capital, Accel, Balderton Capital and Latitude.
The deal values Tessian at $500m.
Tessian is pioneering a new approach to cybersecurity and is
defining a new category of security software called Human Layer
Security. For decades, cybersecurity software has focused on the
machine layer - the networks, endpoints, and devices of an
organization - but not the people. But employees are the
gatekeepers to companies' most sensitive systems and according to a
CybSafe analysis of data from the UK Information Commissioner's
Office (ICO), human error was the cause of approximately 90 percent
of data breaches in 2019. To overcome the so-called "people
problem" in security, Tessian uses machine learning to stop
security threats and data breaches caused by people, without
disrupting their workflow. It builds Behavioral Intelligence
Models, tailored to every employee, by understanding each
individual's communication patterns and behaviours online. Tessian
uses the models to automatically detect security threats and
prevent them from turning into breaches by notifying the employee
in-the-moment. Over time, these alerts help employees improve their
security behaviours. When software company Adobe surveyed over
1,000 American workers for its annual email usage study, they found
that people on average spend more than five hours per day checking
their email. Today, Tessian secures people on email and
automatically prevents threats such as phishing, business email
compromise, data exfiltration and accidental data loss.
In the last year, Tessian has tripled its Fortune 500-level
customer base and now has 350 customers around the world across the
legal, financial services, healthcare and technology sectors
including Affirm, Investec and Schroders.
With the new funding, Tessian will continue to expand its
platform's capabilities and plans to secure other interfaces like
messaging, web and collaboration platforms. Tessian will also use
the funding to triple its rapidly growing employee base, with a
particular focus on growing its sales team.
This investment is in line with the Company's focus on backing
innovative businesses founded in the UK with disruptive
innovations, significant global growth potential, high quality
management teams and supported by credible co-investors. The
Company is committed to improving its sustainability profile hence,
as communicated in the Annual Report and Accounts for the year
ended 31 December 2020, the Portfolio Manager intends to disclose
where appropriate the United Nations' Sustainable Development Goals
("SDGs") associated with new investments. The investment in Tessian
is in line with SDG 16 "Peace, Justice and Strong Institutions" and
Target 16.4 "By 2030, significantly reduce illicit financial and
arms flows, strengthen the recovery and return of stolen assets and
combat all forms of organized crime".
Tim Creed and Ben Wicks, Portfolio Managers of the Company,
jointly commented: "It is with great pleasure that we announce the
first new investment since our appointment as Portfolio Manager, a
major milestone for the Company that reflects the progress that has
been made. We see Tessian as a great fit for the portfolio - a high
quality, UK-headquartered technology business, with highly
reputable co-investors, that is pioneering a disruptive new
approach to cybersecurity that is scaling internationally. We
couldn't be more excited by the opportunity that lies ahead of this
high-growth innovative business".
Enquiries:
Schroder Investment Management Limited
Estelle Bibby (Press) 0207 658 3431
Gareth Faith (Company Secretary) 020 7658 5264
About Tessian
Tessian's mission is to secure the human layer by empowering
people to do their best work, without security getting in their
way. Using machine learning technology, Tessian automatically
predicts and eliminates advanced threats on email caused by human
error - like data exfiltration, accidental data loss, business
email compromise and phishing attacks - with minimal disruption to
employees' workflow. Founded in 2013, Tessian is backed by renowned
investors like Sequoia, Accel, March Capital and Balderton, and has
offices in San Francisco and London.
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