Cyber risk management service Axio has secured a new funding round which will help it expand into the financial services space.
The investment was led by Fin Venture Capital, IA Capital Group and previous backer NFP Ventures.
Proceeds from the round will be used to boost innovation and help Axio expand into new industries, including the financial sector. The company will leverage its partnership with Fin Venture Capital to access its network of financial partners and investors to help it enter the financial marketplace.
The company launched its Axio360 in 2018 and has helped thousands of organisations protect their critical infrastructure. On average, the company identifies $431 of quantified risk minimised for every $1 of investment, it claims.
Axio’s integrated software enables ongoing visibility and actionable insights across an organisation including cyber risk quantification, cybersecurity assessment, financial stress testing and prioritisation.
Fin VC managing general partner Logan Allin said, “Axio has identified why enterprises are largely failing at cyber risk management and developed a solution that focuses on cybersecurity as a business and risk management problem, not a technology problem. Their success in the energy space has already started to translate into the financial services vertical and we see them becoming the dominant platform helping protect the industry and its customers.”
By working with Axio, FIN VC will support its global network of financial institutions, insurers and corporates with cyber risk management, it claims.
Axio founder and CEO Scott Kannry said, “With cybersecurity threats continually increasing and budget sensitivity at all-time highs, enterprises need a platform that enables all key stakeholders to understand cyber risk in a quantified view to validate and optimize their financial and technical controls to best protect their business.”
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