Cyber risk management company RiskLens has pulled in $20.55m in Series B funding which will support the company’s continued 100 per cent year over year growth.
The capital injection was led by technology-focused venture capital firm Paladin Capital Group. Previous backers of RiskLens also contributed to the round including, Dell Technologies Capital and Osage Venture Partners.
F-Prime Capital, Fidelity Investments, and MassMutual Venture made there first investments into RiskLens.
Having closed the round, the company would further expansion across its sales, marketing, engineering and professional services departments.
The company gives boards of directors, CISOs and cyber risk teams a decision-support platform which enables them to prioritise security initiatives. RiskLens is a SaaS solution built on the Factor Analysis of Information Risk (FAIR) standard.
Organisations around the world leverage the platform to quantify, manage and report on cyber risks in monetary terms. Not only can users prioritise initiatives, but they can also optimise budgets and demonstrate their impact against risk and show its effectiveness over time.
F-Prime Capital partner Gaurav Tuli said, “There continues to be a dire need for managing and communicating cyber risk at the executive level in large enterprises. In speaking to many of the premier customers that are using RiskLens, it became clear that RiskLens is uniquely positioned to bring a battle-tested approach to cyber risk quantification that for the first time, enables customers to make risk-based business decisions.
“With the global growth of the FAIR standard, the track record of the RiskLens management team, and the company’s forward leaning product vision, we are excited to support the category leader in cyber risk quantification.”
Last year, Paladin led the $3.5m funding round of Secure Code Warrior. The RegTech company offers secure coding tools for developers to write strong code which meet a business’ security policies.
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