Balbix, a cybersecurity posture automation platform, has scored $70m in its Series C funding round.
The oversubscribed round was led by Redline Capital, with commitments also coming from Third Point Ventures, Nautilus Venture Partners, Modern Venture Partners and Franklin Park.
Existing Balbix investors Mayfield, JC2 Ventures, Mubadala Capital, Alter Venture Partners and Singtel Innov8, also joined the round.
This capital will help bolster its go-to-market capabilities and engineering investments to address market needs across unified asset inventory, software bill of materials (SBOM), vulnerability management, cyber risk quantification and security posture automation.
The CyberTech company leverages AI and automation technology to improve cybersecurity postures. Its platform is used for automated asset discovery, risk-based vulnerability management, cyber risk qualification, unified cybersecurity asset management, enterprise vulnerability prioritisation and cyber risk visibility and board-level reporting.
The investment comes after a strong year of growth, culminating in a 2.5-times growth in annual recurring revenue.
Other growth milestones include the launch of the industry’s first automated cyber risk quantification solution, which enables organisations to automate the quantification of cyber risk in dollars with traceability to underlying operational issues and risk owners.
It also experienced 200% growth in new enterprise customers across the Americas, Asia, Europe, the Middle East and Africa.
Redline Capital partner Nicolas Giuli said, “Organisations of all sizes need real-time cyber risk visibility which is crucial for coordinating and driving timely risk mitigation actions.
“With its differentiated AI-powered approach to cybersecurity posture automation and excellent reference customer deployments, Balbix is very well poised to address these requirements. We are excited to take this journey with them as they continue to scale across the world.”