NEW YORK, NY, SecurityScorecard, the leader in security ratings, announced today it has raised $27.5 million in Series C funding.
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The financing round was led by Nokia Growth Partners (NGP) with participation from Moody's Corporation, AXA Strategic Ventures, and Intel Capital. Existing investors Sequoia Capital, Google Ventures (GV), Boldstart Ventures, Two Sigma Ventures, and Evolution Equity Partners also participated. Funds from this investment round will be used to bring new solutions to the market and to expand on SecurityScorecard's position as the security ratings leader.
"As the world becomes increasingly reliant on the cloud, third-party service providers, and highly distributed infrastructure, enterprises have less visibility and control over mission-critical services as well as their proprietary and customer data," said Upal Basu, Partner at NGP. Basu, who will be joining the company's board of directors, further explained, "The SecurityScorecard platform is uniquely positioned to help enterprises gain visibility and control across their IT ecosystem. We are excited to be a part of the SecurityScorecard team and we look forward to helping the company continue its rapid growth."
The SecurityScorecard platform provides CISOs, security practitioners, risk management professionals, and boards of directors with a comprehensive outside-in view of the security posture of their entire ecosystem, including their own IT infrastructure as well as their third and fourth-party vendors. The platform continuously monitors the security posture of more than 200,000 enterprises and government agencies across the globe and evaluates them based on hundreds of indicators of compromise. It then assigns an A to F rating and provides security professionals with actionable intelligence that enables them to remediate security vulnerabilities. SecurityScorecard research has shown that companies with a "D" or "F" rating are 5.4 times more likely to be breached than companies with an "A" or "B" rating.
"Cybersecurity is an area of growing importance for companies worldwide, and SecurityScorecard has developed an innovative platform that helps organizations identify, benchmark, and monitor their cybersecurity profile," said David Platt, Head of Corporate Development at Moody's Corporation.
SecurityScorecard is accelerating at a rapid pace with hundreds of enterprises as customers, including some of the most trusted brands in the world. The company has consistently achieved triple-digit year-over-year growth and has established itself as the thought leader in the security ratings space.
"SecurityScorecard's ability to assess critical data points and accurately depict the overall cybersecurity posture of an organization will provide increasing value in the current breach-weary business environment and will allow organizations to design risk-management solutions, including cyber-insurance products," said François Robinet, Managing Partner at AXA Strategic Ventures. "We have been impressed by the depth and quality of the technology behind the company and by the robustness of the team. We are excited about an investment in SecurityScorecard and look forward to partnering with the company and help develop applications for the insurance industry."
"Our vision is to create a new language for how companies strategically address, collaborate on, and measure the cybersecurity posture of their entire ecosystem through security ratings," said Dr. Aleksandr Yampolskiy, CEO and Founder of SecurityScorecard. "These ratings can be used to report back to the board of directors, continuously monitor third and fourth parties, and more intelligently underwrite cyber insurance policies. In the near future, security ratings will have an impact on credit ratings, overall company valuations, and will become an integral part of every investment and financial decision. This round of funding is a testament to the great work and momentum SecurityScorecard has built."
To receive a free SecurityScorecard assessment and consultation for your business, visit instant.securityscorecard.com.
Headquartered in the heart of New York City, SecurityScorecard's vision is to help security professionals work collaboratively to solve mission-critical, cybersecurity issues in a transparent way. The company was founded in late 2013 by Dr. Aleksandr Yampolskiy and Sam Kassoumeh, two former cybersecurity practitioners who had served, respectively, as Chief Information Security Officer and Head of Security & Compliance. With cloud solutions becoming an increasingly integral part of the security technology stack, Yampolskiy and Kassoumeh recognized the need to address 3rd and 4th party risk as well as better understand the security capabilities of their business partners. Since its founding, the company has grown dramatically and now counts hundreds of leading brands as customers. SecurityScorecard is backed by leading venture capital investors including Sequoia Capital and GV, among others. For more information, visit www.securityscorecard.com.
With more than $1Billion under management, NGP specializes in growth-stage investing seeking entrepreneurs building intelligent devices and services connecting everybody and everything. NGP offers market insight, support, a deep network and a global reach spanning the United States, Europe, India and China. NGP is uniquely structured as an independent fund manager sponsored by Nokia, allowing for independent investment decisions and offering strategic opportunities both for Nokia and the companies in which they invest. For more information, visit www.nokiagrowthpartners.com.
About Moody's Corporation
Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody's Corporation (NYSE: MCO) is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. The Corporation, which reported revenue of $3.6 billion in 2016, employs approximately 11,500 people worldwide and maintains a presence in 41 countries. Further information is available at www.moodys.com.
About AXA Strategic Ventures
AXA Strategic Ventures (ASV) is the venture capital fund backed by AXA, the leading global insurer and asset manager. ASV manages $275M and invests in enterprise software, fintech, consumer technologies and digital health, as well as other technologies relevant to insurance and asset management. With offices in San Francisco, New York, London and Paris, ASV invests globally.
Learn more at www.axastrategicventures.com
About Intel Capital
Intel Capital, Intel's strategic investment and M&A organization, backs innovative startups targeting computing and smart devices, cloud, datacenter, security, the Internet of Things, wearable and robotic technologies and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US $12.2 billion in 1,490 companies worldwide, and 636 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of introductions each year between its portfolio executives and Intel's customers and partners in the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @intelcapital.