Third-party cyber risk management startup CyberGRX has landed $30m in its Series C round which was led by Scale Venture Partners.
Previous investors in the company also made commitments including, Aetna Ventures, AllegisCyber, Bessemer Venture Partners, The Blackstone Group, ClearSky, GV, MassMutual Ventures, and TenEleven Ventures.
As part of the deal, Scale Venture Partners partner Ariel Tseitlin will join the company’s board of directors.
Denver-based CyberGRX is a third-party cyber risk management company which aims to build a collaborative approach to protection. The company unites third-parties with customers to counter threats with advanced analytics to better monitor ecosystems.
Its CyberGRX Exchange encourages third-parties and their customers to share dynamic data to build actionable insights or how to prioritise and lower risk.
Over the past year, the company has witnessed a 1,000 per cent growth in both annual revenue and the number of companies on the exchange.
Through this funding, the company is hoping to aid its user growth, and extend the augmentation capabilities with analytics. CyberGRX also wishes to establish a community for enterprises to come together for collective defence against attackers.
CyberGRX CEO Fred Kneip said, “Third-party cyber risk management is a challenge to all organizations, regardless of size or industry.
“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 organizations and their third parties must work together to mitigate the risk of potential breaches before they become a target for attackers.”
Following the new Series C round, the company has raised a total of $59m.
