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Cyber Risk Management Firm CyberGRX Raises $40 Million

CyberGRX, a third-party cyber risk management firm based in Denver, Colorado, this week announced that it raised $40 million in a Series D funding round, which brings the total raised by the company to $100 million.

The latest funding round was led by ICONIQ Capital, with participation from Blackstone Group, ClearSky, GV, MassMutual Ventures, Scale Venture Partners and TenEleven Ventures. Doug Pepper, general partner at ICONIQ Capital, has joined CyberGRX’s board of directors.CyberGRX

The money will be used to expand internationally, drive product development, and meet increasing demand for its solution.

CyberGRX provides a third-party cyber risk management (TPCRM) solution that leverages a centralized cyber risk assessment exchange connecting vendors and their customers. The exchange, which currently includes over 54,000 companies, is complemented by dynamic assessment data and analytics, enabling organizations to more easily assess vendors, and identify, prioritize and minimize risk.

The company says 63 percent of data breaches are linked to a third party and only 17% of organizations have confidence in third-party security programs.

“We are grateful to have ICONIQ as our partner as we continue to disrupt the cybersecurity and TPCRM markets,” said Fred Kneip, CEO of CyberGRX. “With their support, we aim to truly redefine the role of TPCRM in cybersecurity and create safer ecosystems for our customers.”

Related: Threat Intelligence Firm Flashpoint Raises $34 Million

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Related: CyberGRX Partners With BitSight to Address Supply Chain Risks

Related: Cyber Risk Exchange Startup CyberGRX Raises $30 Million

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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.