San Francisco cybersecurity company RiskIQ announced that, on Thursday (Nov. 10), it had closed $30.5 million in Series C funding. Georgian Partners led the funding round, and existing investors Summit Partners, Battery Ventures and MassMutual Ventures also participated. The company has raised a total of $65.5 million in three funding rounds.
RiskIQ helps organizations identify and protect their external-facing assets — including third-party web, mobile and social assets — via an external threat management platform dubbed PassiveTotal. Facebook, Under Armour, Publishers Clearing House and others all use RiskIQ’s services — among almost 200 additional enterprise customers and over 13,000 security analysts.
RiskIQ’s security platform is reportedly used by eight of the largest financial institutions in the U.S. Globally, RiskIQ is also used in media, manufacturing, technology development, government and retail since launching back in 2009.
RiskIQ’s security platform basically works by combining a worldwide proxy and sensor network with synthetic clients. These clients work beyond the company firewalls to emulate users and work to monitor, detect and take actions against external cybersecurity threats.
Especially considering the recent DDoS attacks and growing concern regarding the relative lack of SME and large corporate cybersecurity, there’s still a great deal of additional market potential for RiskIQ.
Michael Brown, general partner at Battery Ventures, was quoted as saying: “Cyberattacks are taking their toll on organizations who fail to extend security controls beyond the firewall. While the majority of data breaches are from external sources, addressing the problem with traditional security tools is inefficient. RiskIQ has built the right commercial platform to manage a broad range of digital threats in an agile way that can address future attack vectors.”
Earlier this year, RiskIQ reported a year-over-year bookings growth of 80 percent, along with increased customer acquisition across all products. The company has reportedly penetrated North American, European and Asian security markets.