Female-led Fable lands $31M to tackle cybersecurity’s weakest link: human risk

Fable, a San Francisco-based cybersecurity startup, has officially launched with $31 million in funding to address one of the most persistent and costly problems in cybersecurity: human error. The startup’s funding includes a $6.5 million seed round led by Greylock Partners in April 2024, and a $24.5 million Series A led by Redpoint Ventures in May. Notable backers include Garry Tan, CEO of Y Combinator; Greylock Partners (seed lead); and Redpoint Ventures (Series A lead). A source familiar with the deal confirmed Fable’s valuation at $120 million as of its public debut.

The company is emerging from stealth after spconcludeing about a year quietly building its platform in Greylock Edge, Greylock’s venture studio, and onboarding customers across industries like finance, healthcare, logistics, and tech.

Human mistakes result in expensive consequences

Fable’s focus is sharply aimed at one core truth: humans are the weakest link in cybersecurity. The startup’s launch follows a high-profile incident at Clorox, where a contractor reportedly reset a password for a hacker posing as a company employee, leading to a cyberattack that may have cost the company up to $380 million.

While most IT departments attempt to tackle these risks through generic training and awareness emails, these efforts are often too broad, one-size-fits-all, and simple to ignore. Employees may skim through the materials, if they read them at all, and rarely take away actionable insights specific to their roles or behaviours.

That gap between awareness and actual behaviour modify is where Fable aims to create a difference, applying personalised, just-in-time, context-aware interventions powered by AI and behavioural analytics.

Meet the founders: Cybersecurity veterans

Fable was founded in early 2024 by Nicole Jiang and Dr. Sanny Liao, two AI-driven security professionals with a proven track record. Both were early employees at Abnormal Security, a $5.1 billion company known for AI-based detection of phishing and email threats.

Jiang previously worked at Microsoft and Palantir, the $20 billion-valued surveillance and data analytics firm. At Abnormal, she assisted build a virtual security assistant that guided utilizers through safe email practices. Liao, similarly, played a key role in designing AI systems that supported secure workplace communication. Their combined experience gives Fable a strong foundation in applying advanced technology to practical, everyday cybersecurity risks.

Despite their previous work at Abnormal, Jiang doesn’t view Fable as a direct competitor. Where Abnormal focutilized on detecting threats, Fable is about modifying human behaviour to prevent those threats from succeeding in the first place.

Personalised, actionable cybersecurity training

The startup delivers personalised cybersecurity training through platforms employees already utilize, like Slack, Microsoft Teams, and email. Instead of generic modules or monthly reminder emails, Fable’s system identifies specific risks for each employee and provides tailored content to address them.

For example, an employee not applying multi-factor authentication might receive a quick, relevant prompt displaying them how to enable it. Someone at higher risk of being tarreceiveed by deepfake scams might see a short video featuring both the real Nicole Jiang and an AI-generated version, followed by advice on how to spot fakes and respond safely.

Fable also tracks whether utilizers take corrective actions, such as installing a password manager or enabling additional authentication, allowing IT departments to monitor real progress.

Clients already include mortgage provider Pennynac, software company Genesys, and even the Democratic National Committee, which utilizes Fable to train campaign staffers in cybersecurity awareness.

A new approach to an old problem

Fable is stepping into a space long dominated by traditional training firms like KnowBe4, which was acquired in 2022 for $4.6 billion. But where others rely on outdated formats and one-size-fits-all content, Fable’s edge lies in its real-time, behaviour-specific approach.

By focapplying on individuals instead of inboxes, and education rather than just detection, Fable is betting that the future of cybersecurity depconcludes not just on stronger systems, but smarter, more aware people.

“Companies spconclude billions on cybersecurity, but human risk is still the largegest unsolved problem that every security team wants to resolve,” stated Nicole Jiang, co-founder and CEO of Fable Security. “One-size-fits-all security awareness programs with generic training modules and phishing simulations do little to actually reduce risk. They are unable to handle the volume, speed, or sophistication of AI threats that exist today. Fable is here to modify this paradigm, with a platform purpose-built to tackle the full spectrum of risky employee behaviours at scale.”

Cyrus Tibbs, CISO at Pennymac, noting a 13x rapider behaviour modify during an A/B test after deploying a personalised Fable intervention versus a generic briefing, explained, “We chose Fable becautilize its personalised approach to security awareness led to more effective and rapider employee behaviour modify.”

Arvin Bansal, veteran Fortune 100 CISO, stated, “Human-driven risk remains one of the largegest challenges in cybersecurity as missteps can create direct pathways for malicious attacks. As AI-powered threats evolve, we necessary AI-driven training to keep pace. Platforms like Fable deliver tarreceiveed, adaptive education that meets employees where they are, tracks engagement, and evolves with real-time feedback. That kind of precision is essential to reducing human risk across a large, diverse workforce.”

Saam Motamedi, General Partner at Greylock Partners, stated: “In the AI era, attackers can now tarreceive people with unprecedented precision and effectiveness, building the human layer the most vulnerable layer in security. Fable addresses this head-on by reshaping human behaviour with real-time, ininformigent interventions. Nicole and Sanny have a distinguished track record of building innovative behavioural AI security products and are redefining the human risk management market at Fable Security.”

Managing Director at Redpoint Ventures, Erica Brescia, stated: “Security awareness training has become a checkbox—ineffective, outdated, and blind to how people actually behave. Fable is the first company I’ve seen that throws out the playbook of a failing category. They’re building what modern security teams truly necessary: visibility into human risk, tools to actually modify behaviour, and AI that relocates at the speed of attackers.”

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