Axio raises $23 million

Axio, a NY-based startup on a mission to make it easier for companies to manage their cyber risk, has raised $23 million in Series B funding led by ISTARI, a Temasek-founded global cybersecurity firm dedicated to helping clients build cyber resilience, with additional participation from existing investors, including Distributed Ventures, IA Capital Group, and Bob Dudley, Axio chairman and former CEO of BP. This round brings Axio’s total funding to $30 million, including a $4.5 million Series A round closed in 2018.

Founded in 2013, Axio’s software analyzes cyber maturity assessments, cyber risk quantification, and insurance stress testing so security leaders can make more effective decisions about their cyber investments and priorities.

Axio is led by president David White, and CEO Scott Kannry, a former Aon vice president.

“We are ecstatic about securing this Series B investment round that now gives us the means to meet the growing global demand for cyber risk quantification. The attack landscape has demonstrated that old, faith-based strategies that simply layer on controls without a clear understanding of what to prioritize have done little to reduce susceptibility.” – Scott Kannry, CEO and co-founder of Axio.

“We started this company to help CISOs understand how they should spend their next dollar, through risk mitigation or risk transfer (insurance). Cyber-attacks will happen and since hackers are continuously innovating, CISOs need to improve in tandem to ensure cyber resilience.” – Axio president and co-founder David White.