Safe Security, an AI-based cyber risk management SaaS platform, Tuesday announced that it has closed its Series B funding round at $50 million led by Sorenson Capital.
The financing also saw the participation of Eight Roads, the venture capital arm of Fidelity Investments, Telstra Ventures, WTI, and all existing investors, the startup said in a statement.
This round brings the company’s total funding to over $100 million.
“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 the third-party vendor ecosystem,” said Safe Security CEO and co-founder Saket Modi.
“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,” Modi added.
With the new data-driven approach, Safe claims to provide organizations with an aggregated view of enterprise cyber risk, and cybersecurity teams gain visibility across their entire attack surface, technology, people, and third parties.
Founded in 2012, Safe Security last raised a $33 million funding round led by BT Group Plc, one of the UK’s largest telecommunications and network providers, in July 2021.