Date: June 5, 2013
CAMBRIDGE, MA – BitSight Technologies, a provider of innovative big data analytics for risk management, today announced it has closed a $24 million Series A round of financing from Globespan Capital Partners, Menlo Ventures, Flybridge Capital Partners, and Commonwealth Capital Ventures. The new funds will be used to expand product development efforts, hire sales and marketing personnel, and launch the Company’s first product. As part of the financing, Globespan Capital Partners’ Dave Fachetti and Menlo Ventures’ Venky Ganesan will join Flybridge Capital Partners’ David Aronoff, BitSight’s CEO Shaun McConnon and co-founders Stephen Boyer and Nagarjuna Venna on the Company’s Board of Directors. BitSight received seed funding from the National Science Foundation, Flybridge Capital Partners and Commonwealth Capital Ventures.
“We are excited to bring a new evidence based approach to quantifying security risks while providing our customers with actionable insight to quickly respond to emerging data security threats,” said Shaun McConnon, CEO, BitSight Technologies. “With this financing, BitSight is well positioned to drive innovation in the security risk management market. We are continuing to hire the best people in their fields of expertise to enhance BitSight’s innovative platform.”
BitSight’s mission is to bring empirical, evidence based, data-driven decision making to organizations for quantifying and managing risk. BitSight’s global platform collects and analyzes vast amounts of data on security behaviors, processes and technology to identify and quantify security risk, providing organizations with the insight needed to proactively and efficiently address security concerns.
“We’ve been very impressed with how much BitSight has achieved on the seed investment,” said David Aronoff, General Partner, Flybridge Capital Partners. “From building out the product, to rapidly getting customer validation and hiring a world-class team, they have done a fantastic job at growing the Company. They are building a company that will re-define how companies assess security risk.”
“BitSight is approaching the problem of managing information security risk with a unique lens," said Venky Ganesan, Managing Director, Menlo Ventures. “By combining big data analytics with evidence of outcomes, BitSight is fundamentally changing how companies are talking about information security risk.”
“We were impressed by the quality of customers using BitSight’s solution in financial services, healthcare and retail,” said Dave Fachetti, Managing Director, Globespan Capital Partners. “The big data revolution is here and BitSight is at the forefront of bringing this transformation to information security.”
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Globespan Capital Partners is a global venture capital firm with over $1 billion under management. Globespan primarily invests in go-to-market rounds of information technology, Internet and mobile communications companies. Their investment team has a proven track record of effectively working with entrepreneurs, top tier co-investors and strategic partners to help build market-leading companies. Based in Boston, Globespan invests throughout the world on behalf of an international base of limited partners.
Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors. For decades, the firm’s market-driven research analysis has led to the identification of and successful exits in innovative technology markets. Notable research areas of investment include Mobile (Siri, Uber, TeleNav), Enterprise Storage (3PAR, Spinnaker Networks, Coraid), Communications (Acme Packet, Cavium Networks), and Consumer (Fab, Carbonite, Roku, Tumblr). Founded in 1976, Menlo’s portfolio includes 70 public companies and more than 100 mergers and acquisitions. Throughout the firm's history, Menlo’s deep network of portfolio entrepreneurs, angels and advisors are a key resource made available to all of our family of investments. Menlo Ventures has $4 billion under management and is currently investing Menlo Ventures XI, a $400 million fund with $20 million allocated to our Menlo Talent Fund for fast seed funding. For more information, visit www.menlovc.com.
Flybridge Capital Partners is an early-stage venture capital firm whose mission is to assist entrepreneurs in growing innovative, global companies. With $560 million under management, the firm is focused on seed and early-stage investing in technology markets and is led by a team with domain expertise and more than half a century of combined experience in venture capital. The firm has invested in over 60 companies including 10gen (the MongoDB Company), Brontes Technologies (acquired by 3M), Cartera Commerce, Crashlytics (acquired by Twitter) DataXu, Digital Lumens, Open English, Reveal Imaging (acquired by SAIC) and ZING (acquired by Dell). For more information, visit www.flybridge.com or follow us on Twitter @flybridge.
Commonwealth Capital Ventures (Waltham, MA) is a venture capital firm focused on software and services, communications technology, and instruments and systems investments in the Northeastern United States. Since its inception in 1995, the firm’s partners have invested in more than 130 highgrowth companies, many of which are leaders in their respective industry categories. The firm currently manages over $580 million of committed capital across four funds. For more information, visit www.commonwealthvc.com.