Safe Security (formerly Lucideus), a cyber security firm, has raised $50 million (around Rs 410 crore) in a Series B funding round led by Sorenson Capital, with participation from Eight Roads, Fidelity Investments’ venture capital arm, Telstra Ventures and WTI.

As per the startup, the freshly raised funds will be deployed to further improve its data-driven platform for managing and mitigating cyber risk.

Safe Security | Cybersecurity Risk Quantification & Management (CRQM)

Founded by Saket Modi, Vidit Baxi, and Rahul Tyagi in 2012, Safe Security provides cybersecurity solutions to enterprises and helps organizations measure and mitigate enterprise-wide cyber risk in real-time.

Using its ML-enabled API-First SAFE Platform, the startup aggregates automated signals across people, processes and technology, both for 1st & 3rd Party, to dynamically predict the breach likelihood (SAFE Score) & $$ Value at Risk of an organization.

Speaking about the development, Saket Modi, CEO and Co-founder at Safe Security, said,

“We are seeing companies across all industries requiring a new approach to quantifying cyber risk in a way that can be communicated across internal stakeholders, boards, government regulations, cyber insurance underwriters, and across the third-party vendor ecosystem. As we enter this next milestone in the company’s journey, we are focusing on continuing to innovate ahead of the market and lead the charge with the industry’s only real-time, data-driven platform for managing and mitigating cyber risk.”

The cyber security firm helps enterprises, boards, regulators and cyber insurance carriers to understand potential cyber risks in real time. Safe Security helps its clients gain visibility across their entire attack surface, technology, people, and third parties.

Sorenson Capital’s partner, Burke Davis, justified the firm’s investment in the cyber security firm by highlighting the crucial juncture at which cyber risk management finds itself. Davis explained that there is a significant potential market for a risk management horizontal layer that spans the entire cyber stack.

Formerly known as Lucideus, Safe Security raised $33 million in a funding round led by UK telecommunications giant British Telecom, with participation from Chambers in July 2021.

Last week, Cyfirma, an external threat landscape management firm, raised $5.5 million in a pre-Series B funding round led by Israeli venture fund, OurCrowd, and India’s multinational conglomerate, Larsen & Toubro’s L&T Innovation Fund.

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