Safe Security raises $50 million

Cyber risk management company Safe Security closed a $50 million Series B funding round led by Sorenson Capital, bringing the company’s total funding to over $100 million.

Founded in 2012, the Safe Security platform can predict the likelihood of cyber breaches across a corporate environment, and is used by Mosaic Insurance . The news follows the company’s intent to enter the cyber insurance market as a managing general agent, however, reading between the lines, the startup is more focused on prevention than protection.

“Our partnership with Safe Security is a profoundly important market differentiator. Safe’s leading technology will enable us to introduce the next generation of cyber underwriting, based on real-time, inside-out data. Their unique analytics, combining exposure assessment with threat valuation, equips our team with invaluable, game-changing information. It’s truly exciting.” – Mark Wheeler, Co-CEO of Global Specialty Carrier, Mosaic Insurance.

“Tailwinds from regulators, cyber insurance, and boards to understand and quantify cyber risk in an aggregated and granular manner are propelling Safe into this exponential growth phase. Despite economic headwinds, Safe has been growing over 200% for three consecutive years. 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.” – Saket Modi, CEO and Co-founder at Safe Security.