NYC-based security ratings company SecurityScorecard completed a $180m Series E financing round.
The round, which brought its total funding to more than $290m to date, saw participation from Silver Lake Waterman, funds and accounts advised by T. Rowe Price Associates, Inc., Kayne Anderson Rudnick, and Fitch Ventures. It also included existing investors Evolution Equity Partners, Accomplice, Riverwood Capital, Intel Capital, NGP Capital, AXA Venture Partners, Google Ventures and Boldstart Ventures.
The company intends to use the funds to accelerate its plans of global expansion and corporate growth. Additionally, the firm has planned investments across new product lines, a broadening partner ecosystem and other functionality to assess and mitigate cybersecurity risks.
Founded in 2013 by Aleksandr Yampolskiy, SecurityScorecard offers ratings of security risks for organisations through its software-as-a-service platform. Along with third-party risk management, board reporting and cyber insurance underwriting, it helps enterprises gain operational command of their security posture and that of their partners and vendors.
Furthermore, the platform monitors and displays the weaknesses that an attacker would see when scouting for potential attack vectors.
While the firm boasts of monitoring nearly two million enterprises daily, some of its customers include Nokia Corp., Liberty Mutual Group, AXA S.A., Maxiums Inc., Modulr Finance Ltd. and Truphone Ltd. Further still, the company claims to be on track to rate more than 20 million organisations by the end of 2021.
Alongside clientele numbers, SecurityScorecard’s financial figures too are surging as it reported a 61% increase in its fourth-quarter revenue and international customer growth of 89%.
Commenting on the rise in cybersecurity services, Yampolskiy said, “With the increasing number of breaches, cybersecurity ratings are a must-have for organizations to make critical business decisions.
“We have seen a fundamental shift in budgets to cybersecurity ratings and have passed the tipping point where the depth of our data and network effects are driving broad market adoption.”
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