With a seed round intended to grow its AI-powered platform that simplifies cybersecurity and compliance for fast-growing tech firms, Mycroft, a Toronto-based business, has raised $3.5 million USD. Luge Capital steered the round with help from Brightspark Ventures, Graphite Ventures, and several returning investors. Adding a prior pre-seed raise, Mycroft’s total funding becomes $4.7 million.
Founded in 2024 by Mike Kim, Jonathan Mendes, and Jan Jedrasik, all ex-leaders at PartnerStack, the business is approaching digital security somewhat differently. Mycroft is positioning itself as an AI-powered security and compliance officer rather than presenting yet another complicated dashboard or collection of specialized tools. Built to automate and control formerly manually performed jobs like monitoring cloud systems
Keeping up with security and compliance standards might be expensive and time-consuming for early-stage and growth-stage SaaS firms, especially in highly regulated industries like fintech and healthtech. Mycroft seeks to get rid of much of that conflict by offering plug-and-play security automation devoid of the need for a committed internal staff. The firm claims it has onboarded more than 50 clients, including well-known Canadian startups Wisedocs
With a lean staff of around fifteen people, the business plans to slightly grow its staff as it increases product development and sales reach. As startups come under more pressure to satisfy enterprise-level compliance standards, investors supporting the firm expect a rising demand for smarter, more easily available security products. Mycroft’s platform was referred to by Luge Capital’s Karim Gillani
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Mike Kim, CEO, also shared that vision, pointing out that many new companies get swamped by bloated or unconnected security solutions. “Our goal is to provide startups,” he said, “that big companies enjoy the same level of protection, without the complexity or expense.”
