Safe Security, a Palo Alto, CA-based AI-based cyber risk management SaaS platform, announced that it closed $50 million in Series B funding, bringing its total funding to over $100 million.
The round was led by Sorenson Capital, with participation from Eight Roads (Fidelity Investments), Telstra Ventures, WTI, and all existing investors.
“Tailwinds from regulators, cyber insurance, and boards to understand and quantify cyber risk in an aggregated and granular manner are propelling Safe into this exponential growth phase. Despite economic headwinds, Safe has been growing over 200% for three consecutive years. We are seeing companies across all industries requiring a new approach to quantifying cyber risk in a way that can be communicated across internal stakeholders, boards, government regulations, cyber insurance underwriters, and across the third-party vendor ecosystem,” said Saket Modi, CEO, and Co-founder at Safe Security. “As we enter this next milestone in the company’s journey, we are focusing on continuing to innovate ahead of the market and lead the charge with the industry’s only real-time, data-driven platform for managing and mitigating cyber risk.”
The company’s platform is the industry’s first AI-driven, real-time solution for managing and mitigating cyber risk. With this new data-driven approach, Safe provides organizations with an aggregated view of enterprise cyber risk, and cybersecurity teams gain visibility across their entire attack surface, technology, people, and third parties.
Company: Safe Security, Inc.
Raised: $50.0M
Round: Series B
Funding Month: April 2023
Lead Investors: Sorenson Capital
Additional Investors: Eight Roads, venture capital arm of Fidelity Investments, Telstra Ventures, WTI
Company Website: https://www.safe.security/
Software Category: Cyber Risk Management
About the Company: Safe Security is a cyber risk management startup that It provides risk assessment and digital security services. It helps organizations mitigate cyber risk in real-time and redefines cyber risk measurement and management with its real-time, data-driven approach that empowers enterprises, boards, regulators, and cyber insurance carriers to understand cyber risk in an aggregated and granular manner. Its SAFE platform uses an AI and machine learning-based proprietary scoring system that aggregates automated signals across five key vectors of risk across people, processes, and technology. Using Safe’s predictive data models, co-developed with MIT, customers are empowered to translate the bits and bytes of cyber risk into dollars and cents.
Source: https://www.safe.security/resources/press-release/safe-security-series-b-funding/