Bay Dynamics, a maker of cyber risk analytics software, has completed a $23 million Series B financing round led by Carrick Capital Partners.
The company’s flagship “Risk Fabric” platform was designed to detect and remediate insider threats and automate the process of analyzing security information to measure cyber risk.
The company explains that its platform leverages businesses’ existing security investments and uses a common data model to deliver a consistent view of security and risk across the enterprise.
According to the San Francisco, Calif.-based company, the financing will be used to accelerate growth and expand product capabilities.
The company claims many Fortune 50 companies as customers, and says its annual recurring revenue growth percentage on its Risk Fabric platform was 326% last year with no customer turnover.
“With Carrick Capital Partners’ support, Bay Dynamics can make an even greater impact in the cyber security space,” said Feris Rifai, co-founder and CEO at Bay Dynamics. “We are already helping companies nationwide shift their approach to focusing on risks to their most valued assets as the driver of their cyber security decisions. Now we are going to expand our reach and continue to innovate so that companies can easily and effectively embrace cyber risk management as part of their regular business processes.”
Comcast Ventures, who led the company’s $8 Million Series A funding round in 2014, also participated in the current funding round.
“Analytics is becoming ever more important, and in my opinion, it is an important part of the future of information security,” noted FireEye’s Joshua Goldfarb in a recent SecurityWeek column. “I’m intrigued by the emerging set of User Behavior Analytics (UBA) solutions that we are now seeing, and I think that they can do a lot to help us rise to the challenges that await us. The evidence clearly shows that attackers are continuing to evolve and mature their capabilities. Shouldn’t we do the same?”