CXOWARE Secures $1.25M in funding
SPOKANE, Wash., Jan. 23, 2013 /PRNewswire/ — A dozen well-known companies are using CXOWARE’s Factor Analysis of Information Risk (FAIR) solution for risk exposure assessment and management—and the investment community recognizes opportunity. CXOWARE CEO Steven Tabacek announced a $1.25M infusion in the company, with primary investment from security expert and Baltimore Technologies founder and former CEO, Dr. Henry Beker .
“We welcomed a $1M investment from Dr. Beker,” said Tabacek from CXOWARE headquarters in Spokane, WA. “Dr. Beker’s expertise in the field and faith in our solution serves as a great catalyst to expanded growth. Early success with marquee customers also attracted the attention and subsequent $250K of combined follow-on investment from Spokane’s Inland TechStart Fund, Spokane Angel Alliance, and Seattle Alliance of Angels.”
Tabacek teamed up with friend and business partner, former Nationwide Insurance CISO and Huntington Bank CISO Jack Jones to productize Jones’ risk assessment and management methodology, Factor Analysis of Information Risk (FAIR). CXOWARE is delivering FAIR as a SaaS application called FAIRiq to some of the nation’s largest finance, information technology services, manufacturing, retail, and oil & gas energy corporations.
Using FAIRiq, Chief Information Security Officers (CISO’s) and Enterprise Risk Officers improve their ability to identify and measure the economic loss exposure associated with information security & operational risk. The value gained from FAIRiq software is informed decision making, the improved ability to prioritize risk mitigation budgets, and better management of financial loss exposure.
“Today’s tighter budgets require an increased emphasis on cost-effective risk management decisions and execution, and FAIRiq provides a practical means to accomplish this,” says Jones.
A Spokane entrepreneur, this is Tabacek’s second successful company in the IT risk management sector. He started IT-Lifeline, a Data Vaulting and IT Business Continuity Center, in 2003.
CXOWARE will use the cash infusion to increase sales and marketing presence nation-wide. The company maintains programming, support, integration, and training in both Ohio and Washington State.