AI-based cyber risk management SaaS platform Safe Security has closed a $50 million series B round led by Sorenson Capital, with participation from Eight Roads, venture capital arm of Fidelity Investments, Telstra Ventures, WTI, and all existing investors. 

This round brings the company’s total funding to over $100 million.

Safe Security's CEO and Co-founder, Saket Modi, believes that the company's exponential growth phase is being propelled by tailwinds from regulators, cyber insurance, and boards that are now interested in understanding and quantifying cyber risk in a more detailed manner.

“Despite economic headwinds, Safe has been growing over 200 per cent 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,” said Modi.

“As we enter this next milestone in the company’s journey, we are focusing on continuing to innovate ahead of the market and lead the charge with the industry’s only realtime, data-driven platform for managing and mitigating cyber risk,” he added. 

Safe Security stands out in the cyber risk platform market by offering CISOs the ability to assess the effectiveness of their cyber controls in a way that is mapped with the MITRE ATT&CK and D3FEND frameworks. Safe Security also provides CEOs and CFOs with an easy to understand view of enterprise cyber risk for CEOs and CFOs.

“Managing cyber risk is at a critical inflection point. There is a huge market opportunity for a horizontal layer across the entire cyber stack for managing risk. We invested in Safe because it is uniquely positioned to assume this leadership role in this new category with its real-time AI-driven approach,” said Burke Davis, partner at Sorenson Capital.