OutThink and the EIC Accelerator: Managing Human Cyber Risk
OutThink, founded in London in 2015, sells software that trains employees in cybersecurity and measures how they behave, which it calls "cybersecurity human risk management". The company cites human behaviour as behind "91% of security incidents and data breaches", and names Whirlpool, Danske Bank, Rothschild and NatWest among its customers.
OutThink announced a €2 million EIC grant in December 2021 to "accelerate worldwide adoption" of its platform. On our reading of the EIC's note below, that grant was never signed. In a note of 15 September 2022 on the contracts from the October 2021 cut-off, the European Innovation Council wrote that "Five grant-only projects with United Kingdom beneficiaries have been rejected as Horizon Europe association agreement have not been signed." OutThink is one of exactly five UK companies selected for grant-only awards at that cut-off, and no OutThink project appears in CORDIS, the EU's project database. In October 2022 it raised $10 million in a seed round led by AlbionVC. Its accounts at Companies House show cash of £1.6 million at the end of 2024, down from £4.17 million two years earlier, and accumulated losses of £6.03 million.
Company file
- Legal entity
- OutThink Ltd, 09643149, London
- Founded
- 17 June 2015
- Founder and CEO
- Flavius Plesu
- Product
- Cybersecurity human risk management platform
- Investors
- AlbionVC (lead), Gapminder, TriplePoint Capital, Forward Partners, Innovate UK
- Named customers
- Whirlpool, Danske Bank, Rothschild, NatWest
- EIC award
- OUTTHINK, October 2021 cut-off, grant only; the EIC reported all five UK grant-only projects from that cut-off rejected
Where OutThink Stands Today
OutThink's news page lists a conversational AI feature in June 2024, a US advisory board member in August 2024 and a brand ambassador in January 2025; nothing has been posted since. Companies House shows share allotments in March 2025, November 2025 and March 2026, a variation of share rights and a new director in September 2025, but no funding round has been announced. The 2024 accounts show net assets of £1.97 million, down from £3.62 million a year earlier.
The money
Cash at the bank since the seed round
Cash at bank at each balance sheet date in OutThink's filed accounts. The 2021 figure is for the year to June 2021, before the grant announcement and the seed round.
Companies House, OutThink Ltd accounts. Values in £ millions.
The Technology: Measuring Security Behaviour
OutThink's platform delivers security awareness training and tracks how staff respond; the company's blog argues that awareness training alone "is not enough" without changing behaviour. In June 2024 the company said it had introduced "the world's first conversational AI into cybersecurity" training. It has published no independent data on how much its platform reduces incidents.
"This award is a powerful endorsement of our technology and team and comes at a time when there is excellent momentum in the business following nearly four times growth in recurring revenues over the last year."
Flavius Plesu, CEO and founder of OutThink, December 2021What the EIC Project Promised, and What the Record Shows
The team
Headcount doubled after the funding, then held
Average number of employees in each accounting period, as filed with Companies House.
Companies House, OutThink Ltd accounts.
The award described OutThink as "the first Cybersecurity Human Risk Management (CHRM) platform", and the company said the grant would speed up worldwide adoption and system integrations. There are no project results to compare with that aim, because on our reading of the EIC's own note the grant was rejected and no agreement was ever signed. UK Research and Innovation ran a Horizon Europe guarantee for applicants unable to receive their Horizon Europe funding while the UK was in the process of associating, which covered EIC Accelerator awards; whether OutThink claimed it is not public. The company's accounts show headcount rising from 12 in 2022 to 22 in 2023, then holding at 23 in 2024.
- Platform developmentDeliveredAI features added.
- Follow-on capitalDelivered$10M seed, 2022.
- Worldwide adoptionNot shownNo revenue disclosed.
- The EIC grant itselfRejectedUK association unsigned, per the EIC.
What Has Happened Since the Award
The record
An EIC grant the EIC's note suggests was rejected, a seed round, then falling cash
OutThink announced a €2M EIC grant in December 2021, but the EIC reported in September 2022 that all five UK grant-only projects from that cut-off had been rejected. It raised $10M in 2022; its filed accounts show cash falling each year since.
- Jun 2015FoundedOutThink Ltd, London
- Oct 2021EIC Accelerator cut-offCybersecurity human risk management platform
- Dec 2021EIC grant announcedTo accelerate worldwide adoption€2M
- Sep 2022UK grant-only projects rejectedThe EIC reports five grant-only projects with UK beneficiaries rejected, the association agreement being unsigned
- Oct 2022Seed roundLed by AlbionVC$10M
- Jun 2024Conversational AIAI assistant added to the platform
- Dec 2024Year-end accountsCash £1.6M, 23 staff on average
- Nov 2025New sharesAllotments and varied share rights
OutThink news and Companies House filings for OutThink Ltd (09643149).
The Money
OutThink files small-company accounts without a profit and loss statement, so its revenue is not public. The balance sheet shows accumulated losses rising from £4.27 million at the end of 2023 to £6.03 million at the end of 2024, a loss of about £1.75 million in 2024, and cash falling from £3.0 million to £1.6 million. Share premium rose by only about £100,000 in 2024.
What cannot be checked
OutThink's revenue, whether it claimed replacement funding from the UK guarantee scheme after the EIC rejected the grant, and the size of the share allotments in 2025 and 2026 are not public.
Why Europe Should Care
OutThink is a British company the EIC selected for a cybersecurity grant and then, on our reading of its note, could not fund because the UK's association with Horizon Europe was unsigned. The company announced the award as "a powerful endorsement" and kept going on private money. What the episode shows is less about OutThink than about what a selection is worth when the treaty behind it is not in place.
What the project promised
The first cybersecurity human risk management platform, adopted worldwide.
What the record shows
An EIC grant that, on our reading of the EIC's note, was rejected, a $10M seed round, 23 staff, £6M of accumulated losses and cash of £1.6M at the end of 2024.
The Verdict
Cash falling, no new funding announced
OutThink grew a team and a product on seed money, not on the EIC grant it announced in 2021, which on our reading of the EIC's note was rejected the following September. Its accounts show headcount flat at 22 to 23 and cash down to £1.6 million, and it has not announced new funding since 2022.
OutThink has not been asked for comment for this article. The reporting is based on publicly available sources, including company statements, UK company filings and official European Innovation Council documentation.
Sources
- OutThink, €2M EIC grant, December 2021
- OutThink, $10M seed round, October 2022
- OutThink, news and press
- Companies House, OutThink Ltd filing history and accounts
- European Innovation Council, 100th Accelerator grant agreement, 15 September 2022
- UK Research and Innovation, Horizon Europe guarantee funding
Industry
Digital and computingCybersecurity
- Focus
- Threat detection and testing
- Technologies
- Artificial intelligence
- Data analytics
- Keywords
- Security awareness training
- Human risk management
- Data breaches
- Financial services
- Behavioural analytics