BitSight Technologies, the standard in Security Ratings, today announced that it has closed a $23 million round of Series B financing. Comcast Ventures joins as a new investor together with current investors Globespan Capital Partners, Menlo Ventures, Commonwealth Capital Ventures, Shaun McConnon and Flybridge Capital Partners, all participating in the round of funding. Managing Director David Zilberman led the investment for Comcast Ventures. New funding will be used to extend sales and marketing into Europe and APAC, expand engineering and data science teams to accelerate the company’s new data analytics products, and fund potential acquisitions of key data source partners. BitSight has raised $49 million to date.
BitSight Security Ratings are used by global enterprises to continuously monitor the risk posed by vendors in their supply chain, report to board members about their own security performance benchmarks within a peer group, and support underwriting decisions for cyber insurance. The BitSight platform uses publicly available data to rate the security performance of an organization on a daily basis. Observed security events and configurations, such as communication with a botnet, malware distribution, and email server configuration, are assessed for severity, frequency and duration and used to generate objective Security Ratings. BitSight Security Ratings range from 250 to 900, with higher ratings equating to higher security performance.
“The transition of information security to a business discussion at the board level highlights the market need for objective, evidence-based measures of performance. BitSight Security Ratings provide data that can be used to understand risk in a variety of different scenarios, from the boardroom to conversations with strategic vendors or in underwriting decisions,” said Shaun McConnon, CEO of BitSight. “We are delighted that our existing investors have re-upped their commitment to our success, and I am particularly pleased that an organization with such Internet service reach as Comcast has chosen us as a key part of their investment portfolio.”
“BitSight has all the right ingredients for success, including a seasoned leadership team, innovative technology and a growing customer base,” said David Zilberman, managing director of Comcast Ventures. “Given the necessity for continuous vendor management, it’s important for us to invest in a company that has the potential to truly change the way all organizations measure risk and rate cyber security performance. BitSight is on an impressive trajectory.”
Since closing Series A financing in June 2013, BitSight hit several key milestones, including:
BitSight Technologies is transforming how companies manage information security risk with objective, evidence-based security ratings. The company's Security Rating Platform continuously analyzes vast amounts of external data on security behaviors in order to help organizations manage third party risk, benchmark performance, and assess and negotiate cyber insurance premiums. Based in Cambridge, MA, BitSight is backed by the National Science Foundation, Comcast Ventures, Commonwealth Capital Ventures, Flybridge Capital Partners, Globespan Capital Partners, and Menlo Ventures. For more information, please visit www.bitsighttech.com or follow @BitSight on Twitter.