Arizona-based Bishop Fox raised a massive funding round as venture capital investors continue to bet big on the continuous attack surface management category
Attack surface management pioneer Bishop Fox has banked $75 million in a new round of financing led by Carrick Capital Partners.
The Series B funding brings the total raised by the Phoenix, Arizona-based Bishop Fox to $100 million and underscores a surge in big bets by venture capital investors on the fast-growing continuous attack surface management category.
Bishop Fox, a 17-year-old firm known for its penetration testing and offensive security expertise, has grown dramatically since closing a $25 million Series A round in 2019 and rolling out the Cosmos attack surface management platform to automate the discovery and mitigation of security weaknesses.
Bishop Fox said the Cosmos platform is capable of performing continuous offensive testing at scale, executing more than 2.3 billion operations and identifying 13,000+ exposures per week. “[Cosmos can] save security teams more than 5,000 hours per year in vulnerability identification and triage and reduce the time to remediate critical vulnerabilities by 82%,” the company said.
The company said the surge in demand for its continuous attack surface management technology and services has led to a tripling Annual Recurring Revenue (ARR) in 2021.
Bishop Fox plans to use the new financing to hire offensive security talent and invest in expanding the capabilities of the Cosmos platform.
As part of the funding transaction, Carrick Managing Director Chris Wenner will join the Bishop Fox board of directors, and current board member Don Dixon of Forgepoint Capital, a Series A investor, will shift to a board advisor role.
The attack surface management category has grown in importance to solve problems with vulnerability and patch management, especially for software and other assets that are exposed to the internet. The technology is meant to address gaps in point-in-time penetration testing and vulnerability management and is a highly competitive category with multiple startups jostling for market share.