Risk exchange CyberGRX raises $30m in funding
Colorado-based risk exchange CyberGRX has raised $30 million in Series C funding led by Scale Venture Partners.
Existing investors Aetna Ventures, AllegisCyber, Bessemer Venture Partners, the Blackstone Group, ClearSky, GV, MassMutual Ventures, and TenEleven Ventures also participated in the round.
Ariel Tseitlin, a partner at Scale Venture Partners, will join CyberGRX’s board of directors.
Fred Kneip, CEO, CyberGRX, says: “Rather than reacting to breaches after they occur, companies need to take a more proactive approach to managing third-party cyber risk. This requires more industry collaboration, meaning organisations and their third parties must work together to mitigate the risk of potential breaches before they become a target for attackers.”
To date, CyberGRX has raised a total of $59 million in equity financing.
In the last 12 months, CyberGRX says it has seen over 1,000% growth in both annual revenue, and in companies on the exchange. Ye fintech gods!
The company is in a confident mood and will deploy the secured capital to extend augmentation capabilities with an unnamed analytics package, and build a community “where enterprises can organise a collective defence against attackers”.
According to the cyber exchange, it lets third parties and their customers share data and reduce collective risk. Naturally it’s argument is that as more join, more will benefit.