- Global cyber risk exchange provider CyberGRX announced that it has raised $40 million in Series D funding led by ICONIQ Capital
CyberGRX — the provider of the world’s first and largest global cyber risk exchange — announced that it has raised $40 million in Series D funding led by ICONIQ Capital. Existing investors AllegisCyber, Bessemer Venture Partners, The Blackstone Group, ClearSky, GV, MassMutual Ventures, Scale Venture Partners, and TenEleven Ventures also joined the round. In conjunction with this funding round, ICONIQ Capital general partner Doug Pepper is joining CyberGRX’s board of directors.
And this investment precedes another year of tremendous growth for CyberGRX — which anticipates closing the year with a 5x increase in recurring revenue and over 54,000 organizations worldwide on its exchange. Including this round of funding, the company has raised a total of $100 million in equity financing.
With this round of funding, CyberGRX is going to continue to disrupt industry inertia around third-party cyber risk management (TPCRM) by advancing its approach to reducing third-party cyber risk. And the additional funding will enable CyberGRX to meet increasing demand, including expanding internationally and driving innovative product development in a direction that eradicates mundane and time-consuming procedures.
“We are grateful to have ICONIQ as our partner as we continue to disrupt the cybersecurity and TPCRM markets,” said Fred Kneip, CEO of CyberGRX. “With their support, we aim to truly redefine the role of TPCRM in cybersecurity and create safer ecosystems for our customers.”
CyberGRX is zeroing in on one of the most expensive and exploited attack vectors in cybersecurity with a mission of developing innovative software to mitigate the challenges organizations face in managing it. Third-party cyber risk management has been a painful and frustrating process that has drained valuable IT resources as well as confidence between partners, leadership, and other business stakeholders due to outdated solutions.
“We are excited to partner with CyberGRX to actively support its continued growth and focus on product innovation,” added Pepper. “As third-party related breaches continue to increase and as enterprises are exposed to an increasing number of third-party cyber risks, we recognize there is a clear need in the market for a modern approach to third-party cyber risk management. We believe that CyberGRX is uniquely positioned as a highly scalable third-party cyber risk management platform, with structured assessments and rich analytics, which is enabling a shift towards automation of risk identification and mitigation.”
