Orna is working on the use of blockchain technology for secure data storage.
Toronto SaaS startup Orna has secured over $1 million in a seed round led by WGG Capital Canada.
Orna did not disclose other investors in the round.
Founded last year by Logan Wolfe, Jana Krioukov, and Martyn Gill, Orna offers a security orchestration, automation, and response (SOAR) platform for small and medium-sized enterprises (SMBs).
Although rooted in Canada, the Orna team also covers the United States (US) and the United Kingdom.
The company started as a project within Wembley Partners, a global cybersecurity services firm. The founding team, who have experience in cyber incident response and digital forensics, discovered that Orna had the potential as a standalone solution.
Using artificial intelligence (AI), Orna’s platform is able to provide SMBs with response, reporting, compliance and prevention strategies.
Using natural language processing, Orna’s AI engine is able to gather data from 28 sources, such as customer infrastructure and the Dark Web, to generate highly detailed attack tasks and actions. and incidents for IT, legal, executive, HR, communications and other teams.
Orna says it’s on track to hit more than $5 million in revenue in its first year of business.
With more than $1 million in seed capital, Orna said it plans to invest in marketing, demand generation, and research and development. The startup also plans to strengthen its go-to-market partnerships in the United States, Canada, and the Europe, Middle East, and Africa (EMEA) regions.
RELATED: How vulnerable is Canada to cyberattacks?
The Insurance Bureau of Canada (IBC) reported in 2021 that 41% of small businesses that experienced a cyberattack said it cost them at least $100,000, up from 37% in 2019. Despite this rising rate, BAC also found that less than half of companies surveyed (46%) said they had defenses in place against possible cyberattacks.
For the remainder of this year, Orna said it plans to release a number of new features and integrations. According to Gill, this includes blockchain for secure data storage, enhanced AI for inferred incident handling logic, and quantum cryptography applications.