Palo Alto, California-based cybersecurity startup Safe Security secured $50M in Series B funding.
Proceeds from the funding round will enable the firm to expand operations and further develop AI tools in its platform.
- Sorenson Capital led the funding round with participation from Western Technology Investment, Telstra Ventures, and Eight Roads.
- CEO Saket Modi co-founded the firm in 2012 to identify cybersecurity vulnerabilities in organizations.
- In 2018, the firm made a pivot into developing software that analyzes the gaps in the company's existing cybersecurity infrastructure to determine the probability of an attack and its likely impact on business functions.
- To date, the firm has raised more than $100M in venture funding.
- Modi said that the firm had witnessed 200% growth for three consecutive years.
- The U.S. SEC proposed two recommendations last year that, if passed, would require financial institutions and publicly traded corporations to notify the regulator of any cyberattacks they experience and to have elaborate strategies in place to deal with them.
