RiskLens, a cyber risk management software company, has raised $20.55 million in a series B funding round, according to reports.
The round was led by Paladin Capital, and MassMutual Ventures, F-Prime Capital, Dell Technologies Capital and Osage Venture Partners all participated. The funding follows a $5 million series A round in July, and it will be used for expansion of sales, marketing and engineering, among other things.
CEO Nick Sanna said he was happy with the round.
“RiskLens has forever changed the way large organizations assess, manage and report on cyber risk, by translating the impact of threats and vulnerabilities into the financial language of the business that everyone understands: dollars and cents,” Sanna said. “We are proud to have our existing investors expand their commitment to our success and are thrilled to be joined by F-Prime Capital and MassMutual Investors given their prowess in the financial services and insurance sectors.”
The company was founded in 2011 with a suite of software-as-a-service apps to help with the management of cyber risk. The software mimics corporate environments and assesses threats and devises risk scenarios.
“We’re giving boards of directors, CISOs and cyber risk teams what was once thought impossible — a decision-support platform and a system of record that allows them to make cost-effective decisions regarding the prioritization of security initiatives and the rightsizing of those investments,” Sanna said. “RiskLens is currently the only software platform that can help clients establish quantitative and financially oriented cyber risk management programs.”
The company’s analytic allows for a per-division breakdown of risk outlook and components, such as classes and forms of loss. It also lets managers set their own control thresholds and trigger notifications when those thresholds are met.
RiskLens also says it’s the only solution built on the Factor Analysis of Information Risk (FAIR) standard.
“As early believers in RiskLens since our participation in the Series A funding, we’ve seen first-hand the rapid shift of market momentum toward cyber risk quantification and the capabilities of its experienced management team in driving growth,” said Mourad Yesayan, principal at Paladin Capital Group and RiskLens board member. “We believe that RiskLens is poised to become the de-facto standard in how enterprises around the globe assess, communicate and manage cyber risk. We’re delighted to be partnering with a syndicate of top investors to continue fueling the company’s success.”