Safe Security raises $50 million in Series B funding round

Safe Security, a cybersecurity company based in Palo Alto, California, has raised $50 million in Series B financing. The company produces software that evaluates the probability of cyber breaches and analyses the impact of such breaches by assessing a company’s existing cybersecurity products and identifying gaps in their defenses.

The latest investment will be used to expand the company’s operations and fund artificial intelligence tools for data analysis, such as machine learning and generative AI.

According to the company’s press release, “Safe is the only cyber risk platform that allows CISOs to evaluate their cyber controls’ efficacy, mapped with the MITRE ATT&CK and D3FEND frameworks. As well as providing an easy to understand view of enterprise cyber risk for CEOs and CFOs.”

Safe Security started as a hacking company in 2012 but switched to creating and selling software in 2018 after finding that company executives were not fully aware of their cybersecurity risks.

Its latest investors include Sorenson Capital, Western Technology Investment, Telstra Ventures, Fidelity Investments’ Eight Roads subsidiary, and existing backers.

The investment comes as cyber risk quantification is becoming a significant issue for corporate security chiefs, as regulations like those proposed by the US Securities and Exchange Commission would require certain financial firms and listed companies to develop procedures for managing their cyber risk.

The insurance industry has also sharpened its underwriting standards for policyholders and wants to know precisely the strengths and weaknesses of a customer’s cybersecurity defenses.

Safe Security’s software can help customers decide how to buy cyber insurance and identify which new technologies to invest in.

The worsening macroeconomic conditions mean that cybersecurity chiefs are being required to justify their budgets more frequently, as budgets are tightening and boards are becoming more aware of cyber risk.

Safe Security’s software can help companies quantify their cyber risks and identify gaps in their defenses to justify their cybersecurity budgets.