Risk and compliance solution SecurityScorecard has netted $27.5m in its Series C funding round led by Nokia Growth Partners.
Participation to the round also came from new investors Moody’s Corporation, AXA Strategic Ventures, and Intel Capital. Among these were several returning backers including Sequoia Capital, Google Ventures, Boldstart Ventures, Two Sigma Ventures, and Evolution Equity Partners.
New York-based SecurityScorecard offers clients with the cybersecurity monitoring of the businesses ecosystem, from internal IT infrastructure to third and fourth-part vendors. The platform labels a company’s security from A to F, and constantly monitors their enterprises for threats.
SecurityScorecard has solutions for vendor risk management, executive reporting, risk and compliance, private equity, cyber insurance and malware grader.
The new funding will help the company to bring new solutions to the sector, and boost its position in the market.
SecurityScorecard CEO and founder Aleksandr Yampolskiy and, “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.
Following the investment, NGP partner Upal Basu will join SecurityScorecard’s board of directors.
The North American security technology sub-sector of infrastructure and enterprise software saw a colossal increase to funding in Q2 2017, hitting $844m. This funding value is in contrast to the previous quarter, which only saw $130m.
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