Telstra Ventures has contributed to a $US50 million ($74 million) Series B investment round for California-based cyber security company Safe Security.
The round was led by US specialist B2B SaaS venture firm Sorenson Capital and was also supported by Eight Roads, a global fund backed by Fidelity Investments, Western Technology Investment (WTI) and all existing investors. Safe has now raised more than $US100 million.
Safe claims that its SaaS platform is the first artificial intelligence (AI)-driven real-time technology for managing and mitigating cyber risk.
Safe chief executive and co-founder Saket Modi said despite economic headwinds, the company has grown at greater than 200% a year over the last three years.
“Tailwinds from regulators, cyber insurance, and boards to understand and quantify cyber risk in an aggregated and granular manner are propelling Safe,” he said. “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 regulators, cyber insurance underwriters, and across the third-party vendor ecosystem.”
Safe says its data-driven approach provides organisations with an aggregated view of enterprise cyber risk. This enables them to move away from a reactive stance and take on a predictive posture to understand the likelihood of different cyber risk scenarios.
Safe’s predictive data models were co-developed with the Massachusetts Institute of Technology.