Cyber risk management company RiskLens on Monday announced that it raised $20.55 million in a Series B funding round, which brings the total raised by the firm to more than $27 million.
The funding round was led by Paladin Capital Group, with participation from existing investors Dell Technologies Capital and Osage Venture Partners, and new investors F-Prime Capital and MassMutual Ventures.
The money will be used to support the company’s expansion in the sales, engineering, marketing and professional services departments.
RiskLens provides cyber risk management software and what it calls cyber risk quantification (CRQ) solutions. The company’s products leverage the Factor Analysis of Information Risk (FAIR) standard, a quantification model for infosec and operational risk, and they enable public and private sector organizations to manage risk and quantify it in monetary terms.
RiskLens claims to have recorded a 100% year-over-year global growth and says its solutions are used by over 4,500 security and risk professionals, including in 8 out of the Fortune 10, 75% of Fortune 50, and almost 30% of Fortune 1000 companies.
“RiskLens has forever changed the way large organizations assess, manage and report on cyber risk, by translating the impact of threats and vulnerabilities into the financial language of the business that everyone understands: dollars and cents,” said Nick Sanna, CEO of RiskLens.
“We’re giving Boards of Directors, CISOs and Cyber Risk teams what was once thought impossible – a decision-support platform and a system of record that allows them to make cost-effective decisions regarding the prioritization of security initiatives and the rightsizing of those investments. RiskLens is currently the only software platform that can help clients establish quantitative and financially-oriented cyber risk management programs,” Sanna added.