Cybersecurity Firm Safe Security Raises $50 Million in Series B Funding Round Led by Sorenson Capital
- ByStartupStory | April 20, 2023
Safe Security, a cyber security firm previously known as Lucideus, has secured $50 million (approximately Rs 410 crore) in Series B funding. The funding round was led by Sorenson Capital and included participation from Eight Roads, Telstra Ventures, and Fidelity Investments’ venture capital arm, as well as all of Safe Security’s existing investors such as MS&AD Ventures, Western Technology Investment, and British Telecommunications. Safe Security is headquartered in California.
Safe Security has raised more than $100 million with the latest funding, which will be used to enhance its data-driven platform for managing and reducing cyber risk. The company was established in 2012 by Saket Modi, Vidit Baxi, and Rahul Tyagi and offers cybersecurity solutions to businesses. Safe Security aids companies, boards, regulators, and cyber insurance providers in identifying potential cyber risks in real-time. Its services enable clients to gain visibility over their entire attack surface, including technology, people, and third parties.
Formerly known as Safe Security, the company raised approximately Rs 36 crore in funding in 2018, led by the venture firm of former Cisco executive chairman, John Chambers. In 2019, it secured an additional Rs 50 crore in funding from MS&AD Ventures and Western Technology Investment. In February 2021, the company changed its name to Lucideus and subsequently raised $33 million in a funding round, led by British Telecommunications, with Chambers also participating.
According to Saket Modi, the CEO of Safe Security, the company has achieved a growth rate of over 200% for three consecutive years. He stated that businesses in all industries require a new approach to assessing cyber risk, which can be communicated effectively across various stakeholders such as internal teams, boards, regulators, cyber insurance providers, and third-party vendors.
Burke Davis, a partner at Sorenson Capital, explained that the investment firm chose to invest in Safe Security due to the critical juncture at which cyber risk management finds itself, and the significant market potential for a horizontal layer across the entire cybersecurity landscape that can manage risk effectively.
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