Cybersecurity risk assessment startup Safe Security on Wednesday said it has raised USD 33 million (about Rs 246 crore) in funding, led by the UK’s BT Group.
The round also saw participation from existing investors. Safe Security (formerly called Lucideus) has raised about USD 50 million in funding till date from investors including MS&AD Ventures, Western Technology Investments and former Cisco executive and JC2 founder and Chief Executive Officer (CEO) John Chambers.
Safe Security co-founder and CEO Saket Modi said the company has raised USD 33 million in funding in this round, led by British Telecom.
“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,” he added.
Modi said by aligning BT’s global reach and capabilities with Safe’s ability to provide real-time visibility on cyber risk posture, it is going to fundamentally change how cybersecurity is measured and managed across the globe.
“In the last financial year, our revenue grew by 270 per cent and we plan to beat that number in this financial year. Our revenue from the US is expected to grow six folds in the next 12 months,” he told PTI.
Modi stated that currently more than 200 people are working for the company globally, and it plans to double its engineering team to over 200 engineers, while the total headcount will grow to over 300 by the end of the financial year.
Industry analysis estimates that the cost of global cybercrime reached over USD 1 trillion in 2020, as criminals exploited seismic changes in everyday life to target both individuals and organisations of all sizes.
Headquartered in Silicon Valley, Safe Security’s SAFE (Security Assessment Framework for Enterprises) platform allows organisations to take a health check of their existing defences and understand their likelihood of suffering a major cyber attack.
A statement said the investment will allow BT to combine the SAFE platform with its managed security services to provide customers with a real-time view of how safe they are against an incredibly fast-moving cyber threat landscape.
Cybersecurity is now at the top of the agenda for businesses and governments, who need to be able to trust that they’re protected against increasing levels of attack, Philip Jansen, Chief Executive of BT, said.
“Adding SAFE to BT’s proactive, predictive security services will give customers an enhanced view of their threat level, and rapidly pinpoint specific actions needed to strengthen their defences,” Jansen added.
As part of this investment, BT will be granted exclusive rights to use and sell SAFE to businesses and public sector bodies in the UK and will incorporate the platform within its wider global portfolio.
BT will be designated as the recommended global partner for improving a customer’s SAFE score. BT will also work collaboratively with Safe Security to develop future products.