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Cyber Risk Management Firm Safe Security Raises $33 Million

Cyber risk measurement and mitigation platform provider Safe Security this week announced that it has received a $33 million strategic investment led by BT Group.

The funds, Safe Security says, will be used to double the size of its engineering team, as well as to increase the company’s spending on research and development.

Cyber risk measurement and mitigation platform provider Safe Security this week announced that it has received a $33 million strategic investment led by BT Group.

The funds, Safe Security says, will be used to double the size of its engineering team, as well as to increase the company’s spending on research and development.

As part of the investment, BT will have exclusive rights to use and sell Safe Security’s products in the U.K. by incorporating the cyber risk management platform into its portfolio. Additionally, the two companies will work together to develop new products.

Founded in 2012 (as Lucideus) and headquartered in Palo Alto, California, Safe Security uses AI to measure and mitigate cyber risks in real-time.

The scoring model used by Safe Security was built as a joint research project at MIT. Scores are calculated at macro and micro levels, aiming to help customers detect cyberattacks or predict the likelihood of a breach.

“[BT’s] investment and strategic partnership with Safe Security will further accelerate our vision of making SAFE scores the industry standard for measuring and mitigating cyber risks. By aligning BT’s global reach and capabilities with SAFE’s ability to provide real-time visibility on cyber risk posture, we are going to fundamentally change how cyber security is measured and managed across the globe,” said Safe Security CEO Saket Modi.

Related: Bug Bounty and VDP Platform YesWeHack Raises $18.8 Million

Related: Passwordless Authentication Startup Stytch Raises $30 Million

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Related: DNSFilter Raises $30 Million in Series A Funding

Related: Microsoft Acquires Cloud Security Start-up CloudKnox

Written By

Ionut Arghire is an international correspondent for SecurityWeek.

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