CyberVadis, a third-party cyber risk management platform providing reliable cybersecurity ratings, recently secured €7m in a Series-A funding round.
This capital injection was spearheaded by Zobito AB, an enterprise software growth capital and buyout investor, in a round that also featured participation from other undisclosed investors.
Founded as a solution to combat global supply chain vulnerabilities, CyberVadis empowers organisations to scale their cyber risk management programmes through evidence-based assessments. Utilising a unique methodology, the platform aligns with international compliance standards, including NIST, ISO 27001, GDPR, and various other privacy and security laws.
CyberVadis effectively merges the speed of automation with the expertise of its professional team, delivering a scalable solution for third-party cybersecurity risk assessments at a fixed annual fee.
In the wake of this successful funding round, the funds will be channelled towards expanding the company’s team and developing the CyberVadis platform. This will enhance its capacity to deliver increased value to clients, service new markets beyond its traditional territories, and accelerate its pace of innovation.
The investment has been warmly welcomed by both CyberVadis and its new investors. In particular, Uli Beckman, a partner at Zobito AB, will join the CyberVadis board of directors, a strategic move that fortifies the relationship between the company and its investors. Moreover, the robust assessment capabilities of CyberVadis have already been leveraged to evaluate the cybersecurity and data privacy maturity of thousands of third parties across 96 countries.
“CyberVadis CEO Edouard Lacarrière said, “This investment is a validation of the need for reliable evidence-based assessments to scale third-party cyber risk management programmes and truly secure organisations’ global supply chain. We expect this investment to enable us to hire top talents and expand our teams, particularly to service new clients beyond our traditional markets, to accelerate innovation and continue to enhance our platform and deliver even greater value to our customers.”
This recent capital infusion follows previous investment from growth fund investors such as CVC Growth Partners and Partech, reinforcing CyberVadis’ upward trajectory in the market.
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Copyright © 2018 RegTech Analyst