Safe Security, a top provider of AI-powered cyber risk management SaaS platforms, revealed that it has completed a Series B funding round worth $50 million.
The investment was led by Sorenson Capital and included participation from Eight Roads (the venture capital arm of Fidelity Investments), Telstra Ventures, WTI, and all existing investors, as per reported by prnewswire.
Given the current state of the macroeconomy, cybersecurity teams are reassessing their cybersecurity investments, which consist mostly of individual solutions that fail to offer a comprehensive view of cyber risk and areas of vulnerability. Furthermore, organizations in all sectors are being compelled to reconsider their approaches to managing cyber risk due to external regulations and guidelines originating from government bodies such as the White House, the SEC, and the National Cyber Strategy.
“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The novel demands for data-driven, real-time cyber risk management cannot be met by outdated solutions. These solutions necessitate organizations to handle multiple spreadsheets and consolidate findings in a highly labor-intensive and subjective manner, rendering them ineffective. As a result, a fresh perspective is necessary.
Shaun Khalfan, CISO for Discover Financial Services, says, “Discover treats cyber risk as one of the top risks that can have a material impact to our business, and the journey to manage that risk starts from knowing where it stands at any given time. The SAFE platform provides us with a much easier onboarding experience and objectively showcases the risk of business-critical applications and assets. I think cyber risk quantification platforms like SAFE will soon become a must-have for security/business leaders and board members for publicly traded companies.”
“Our partnership with Safe Security is a profoundly important market differentiator,” said Mark Wheeler, Co-CEO of Global Specialty Carrier, Mosaic Insurance. “Safe’s leading technology will enable us to introduce the next generation of cyber underwriting, based on real-time, inside-out data. Their unique analytics, combining exposure assessment with threat valuation, equips our team with invaluable, game-changing information. It’s truly exciting.”
“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. “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.”