Cyber security firm Safe Security (formerly Lucideus) has raised Series B funding of $50 million (around Rs 410 crore) led by Sorenson Capital, with participation from Eight Roads, Fidelity Investments’ venture capital arm, Telstra Ventures and WTI.
The round also saw participation from Safe Security’s all the existing investors. The California-headquartered company counts MS&AD Ventures, Western Technology Investment and British Telecommunications, among others.
With the fresh infusion, the startup’s overall fundraise climbs to over $100 million till date.
The capital will be deployed to further improve its data-driven platform for managing and mitigating cyber risk.
Founded by Saket Modi, Vidit Baxi, and Rahul Tyagi in 2012, Safe Security provides cybersecurity solutions to enterprises. It helps enterprises, boards, regulators and cyber insurance carriers to understand potential cyber risks in real-time. It helps its clients gain visibility across their entire attack surface, technology, people, and third parties.
In 2018, Safe Security raised around Rs 36 crore in funding led by former Cisco executive chairman John Chambers' venture firm. It raised an additional Rs 50 crore in 2019 from MS&AD Ventures and Western Technology Investment.
Safe Security changed its name to Lucideus in February 2021. Following that, the company bagged $33 million in a funding round led by UK telecommunications giant British Telecom, with participation from Chambers.
Modi claims that the company has been growing by over 200% for three consecutive years. “We are seeing companies across all industries requiring a new approach to quantifying cyber risk in a way that can be communicated across internal stakeholders, boards, government regulations, cyber insurance underwriters, and across the third-party vendor ecosystem,” he said.
Explaining the rationale behind Sorenson Capital’s investment in Safe Security, the investment firm’s partner Burke Davis said that managing cyber risk is at a critical inflexion point, and that there is a huge market opportunity for a horizontal layer across the entire cyber stack for managing risk.