BreachBits, a cybersecurity startup co-founded by John Lundgren and J. Foster Davis, has successfully completed a seed funding round.
The company stands at the forefront of the cyber risk quantification market, offering a novel approach to predicting and preventing data breaches for businesses globally.
The investment round, led by Blu Ventures with participation from BlueWing Ventures, will provide BreachBits with the financial backing needed to further their mission. The funds are earmarked to support the company’s rapid customer base expansion and to hasten the adoption of their BreachRisk™ solutions. These solutions are renowned for their accuracy in cyber risk ratings and for eliminating the common issue of false positives by verifying and rigorously testing the threats they identify for their clients.
At its core, BreachBits is revolutionizing the way businesses address cybersecurity. Through their BreachRisk™ platform, the company delivers fair, verifiable, and actionable cyber risk ratings. This innovative approach contrasts sharply with traditional methods, which often rely on indirect indicators of risk. BreachBits, instead, employs automated penetration testing akin to a burglar testing the locks, ensuring continuous or on-demand assessments that reflect the true risk profile of a business.
The newly acquired funds will be strategically invested in scaling the company’s sales and customer success teams, integrating additional platforms, and enhancing solutions tailored for cyber insurance carriers. This financial boost is set to solidify BreachBits’ position in the market, enabling them to capitalize on their strong customer growth metrics further.
BreachBits has already established a commendable track record, boasting impressive customer satisfaction and retention rates across various use cases. Their approach has proven to be invaluable for clients involved in selecting third-party vendors, evaluating acquisition targets, and assessing insurance policyholders’ risks, among other decisions.
John Lundgren, CEO of BreachBits and a seasoned military cyber warfare veteran, emphasized the importance of accurate cyber risk measurement. “When cyber risk matters to your organization, how you measure that risk matters,” he stated. This philosophy underpins BreachBits’ mission to provide a more nuanced and realistic assessment of cyber threats.
Echoing Lundgren’s sentiments, Blu Ventures Principal PK Malhotra praised the automated penetration testing platform’s ability to democratize access to advanced cybersecurity services. J. Foster Davis, COO of BreachBits and a respected figure in cybersecurity education, also highlighted the customer benefits of their innovative risk quantification method, particularly in how it allows businesses to see tangible improvements in their security posture.
Richard Chilton, managing partner at BlueWing Ventures, expressed his enthusiasm for BreachBits’ future, recognizing the potential of their scalable and accurate assessments to transform the cyber risk quantification market.
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