Investors back company with over 160% growth for 3 consecutive years
Safe Security is 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, says CEO Saket Modi, having recently closed US$50 million Series B round.
“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 realtime, data-driven platform for managing and mitigating cyber risk,” said Modi.
Safe Security has received backing from investors led by Sorenson Capital, with participation from Eight Roads, venture capital arm of Fidelity Investments, Telstra Ventures and WTI. All existing investors have also supported the round.
This round brings the company’s total funding to over US$100 million.
“Managing cyber risk is at a critical inflection point. There is a huge market opportunity for a horizontal layer across the entire cyber stack for managing risk,” said Burke Davis, partner at Sorenson Capital from Palo Alto, California.
“We invested in Safe because it is uniquely positioned to assume this leadership role in this new category with its real-time AI-driven approach.”
With the current macroeconomic climate, cybersecurity teams are re-evaluating their cybersecurity investments, which are flush with point solutions that do not provide holistic cyber risk visibility and points of attack exposure.
Alongside this financial pressure, external cyber regulation and guidelines stemming from the White House and regulatory bodies, like the SEC and the National Cyber Strategy, are forcing organizations across every industry to rethink their cyber risk management strategies, said Safe Security, the leader in AI-based cyber risk management SaaS platforms.
Legacy solutions are ill equipped to respond to these new requirements for real time, data-driven cyber risk management, it said on 18 Apr 2023.
These legacy solutions require organizations to manage multiple spreadsheets and aggregate results, which are highly manual and subjective.
They simply do not work. A new approach is now required.
“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, said Modi.
“Despite economic headwinds, Safe has been growing over 160% for three consecutive years.”
The Safe Security 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 an aggregated view of enterprise cyber risk, and cybersecurity teams gain visibility across their entire attack surface, technology, people, and third parties. fiinews.com
