- Balbix recently announced it raised $70 million in Series C funding. These are the details.
Balbix — a leader in cybersecurity posture automation — recently announced $70 million in Series C funding. This funding round follows a record growth year for Balbix in revenue and global enterprise adoption and an expansion of its senior leadership team.
Balbix’s oversubscribed Series C round was led by Redline Capital who were joined by new investors Third Point Ventures, Nautilus Venture Partners, Modern Venture Partners, and Franklin Park, as well as existing investors Mayfield, JC2 Ventures, Mubadala Capital, Alter Venture Partners, and Singtel Innov8.
The Series C funding round comes on the heels of Balbix’s rapid 2.5x growth in annual recurring revenue (ARR) over the last 12 months, including 4 multi-million-dollar deals closed with Fortune 100 companies. Additional highlights include:
— The launch of the industry’s first automated cyber risk quantification solution, enabling organizations to automate the quantification of cyber risk in dollars with traceability to underlying operational issues and risk owners.
— 200+ percent growth in new enterprise customers, across the Americas, Asia, Europe, Middle East, and Africa.
— Recent appointments of Balbix’s new Chief Revenue Officer, Chief Marketing Officer, its first head of sales operations in Europe, and headcount growth of nearly 100 percent y/y.
— Notable additions to its partner ecosystem include a new AWS integration and a partnership with global MSSP Microland.
— Balbix’s rapid growth comes as the overall cybersecurity market is expected to grow at 13 percent CAGR to reach $400 billion by 2027. And the cybersecurity market segment that Balbix addresses is growing even faster, as it corresponds to “the brain” of enterprise cybersecurity programs, considered crucial for coordinating an increasingly complex portfolio of cybersecurity tools that organizations must invest in.
KEY QUOTES:
“Organizations of all sizes need real-time cyber risk visibility which is crucial for coordinating and driving timely risk mitigation actions. With its differentiated AI-powered approach to cybersecurity posture automation and excellent reference customer deployments, Balbix is very well poised to address these requirements. We are excited to take this journey with them as they continue to scale across the world.”
— Nicolas Giuli, Partner at Redline Capital
“Balbix’s ability to operate at massive enterprise scale to deliver valuable business outcomes in terms of risk reduction, security team productivity and security program cost reduction, puts it ahead of other companies in the industry. We are excited to work with company leadership to help scale Balbix and cement its leadership position in this rapidly growing market segment.”
— Curtis McKee, Partner at Third Point Ventures
“Our journey started at the inception stage of Balbix and has been marked by a deep partnership with Gaurav on strategy, go-to-market, fundraising, executive hiring as well as introductions to CXOs who became critical customers. It is such a rewarding moment to see Balbix emerge as a category leader and valuable company to work for today.”
— Navin Chaddha, Managing Director at Mayfield
“Our Series C funding round underscores the unique value that the Balbix Security Cloud is bringing to our customers by helping them to unify and coordinate their existing security investments, automate cybersecurity posture, and reduce their cyber risk and security program costs. We are honored to work with leading investors from around the world as we pursue our innovative approach and grow our business.”
— Gaurav Banga, CEO and founder of Balbix
