Denver-based CyberGRX, the company behind the first and largest global cyber risk exchange, announced that it raised $30 million in Series C funding led by Scale Venture Partners. Aetna Ventures, AllegisCyber, Bessemer Venture Partners, The Blackstone Group, ClearSky, GV, MassMutual Ventures, and TenEleven Ventures also participated in this round.
Over the last year, CyberGRX saw more than 1,000% growth in annual revenue and in companies on the Exchange. CyberGRX was built with partners including ADP, Aetna, Blackstone, and MassMutual.
What is the CyberGRX Exchange? CyberGRX’s Exchange and risk assessments-as-a-service enables enterprises and third parties to identify risks. And it is a way to break down barriers between third parties and customers. And it enables them to share dynamic data and create actionable insights so they can prioritize and reduce the collective risk.
CyberGRX has changed the way the market conducts third-party cyber risk management by replacing siloed methods with a dynamic approach that connects third parties and customers in preventing cyber threats.
When more companies join CyberGRX, the benefits of the Exchange get even better. And organizations will profit from this collaborative approach through joint negotiations, community benchmarking, and shared costs among users.
“Third-party cyber risk management is a challenge to all organizations, regardless of size or industry,” said CyberGRX CEO Fred Kneip. “Rather than reacting to breaches after they occur, companies need to take a more proactive approach to managing third-party cyber risk. This requires more industry collaboration, meaning organizations and their third parties must work together to mitigate the risk of potential breaches before they become a target for attackers.”
CyberGRX will be using the funding to support its user growth and further extend augmentation capabilities for its analytics package. And it will advance the company’s mission to build a community where enterprises can organize a collective defense against attackers. So far, CyberGRX has raised a total of $59 million in equity financing.
Ariel Tseitlin, a partner at Scale Venture Partners, is joining CyberGRX’s board of directors in conjunction with this funding round. Tseitlin is going to help drive the enterprise growth strategy at CyberGRX.
“CyberGRX has redefined the traditional approach to managing cyber risk by launching an Exchange that standardizes the assessment process for enterprises and third-party customers,” added Tseitlin. “By using a dynamic and collective approach, CyberGRX enables both sides of the market to increase efficiencies while reducing risk. We are very proud to be a part of their growth and look forward to future successes.”