Photo Credit: RiskLens
RiskLens, a Spokane, Washington-based leading provider of cyber risk quantification (CRQ) and cyber risk management software, announced it has raised $20.55 million in Series B funding led by existing investor Paladin Capital Group. Additional existing investors that joined this round include Dell Technologies Capital and Osage Venture Partners along with F-Prime Capital (the VC firm affiliated with Fidelity Investments parent company FMW LLC) and MassMutual Ventures (VC arm of MassMutual).
This round of funding will be used to support the company’s continued 100% year-over-year global growth. And it will fuel expansion across sales, marketing, engineering, and professional services. Plus it will enable RiskLens to retain and grow its market-leading position in the emerging cyber risk quantification space.
“RiskLens has forever changed the way large organizations assess, manage and report on cyber risk, by translating the impact of threats and vulnerabilities into the financial language of the business that everyone understands: dollars and cents,” said RiskLens CEO Nick Sanna in a statement. “We’re giving Boards of Directors, CISOs and Cyber Risk teams what was once thought impossible – a decision-support platform and a system of record that allows them to make cost-effective decisions regarding the prioritization of security initiatives and the rightsizing of those investments. RiskLens is currently the only software platform that can help clients establish quantitative and financially-oriented cyber risk management programs. We are proud to have our existing investors expand their commitment to our success and are thrilled to be joined by F-Prime Capital and MassMutual investors given their prowess in the financial services and insurance sectors.”
RiskLens’ Platform is the only enterprise-class SaaS solution built on the Factor Analysis of Information Risk (FAIR) standard — which is now trusted by more than 4,500 leading professionals in security and risk. And it is represented within 8 out of the Fortune 10, 75% of the Fortune 50, and nearly 30% of the Fortune 1,000 organizations.
“As early believers in RiskLens since our participation in the Series A funding, we’ve seen first-hand the rapid shift of market momentum towards cyber risk quantification and the capabilities of its experienced management team in driving growth,” added Paladin Capital Group and RiskLens board member Mourad Yesayan. “We believe that RiskLens is poised to become the de-facto standard in how enterprises around the globe assess, communicate and manage cyber risk. We’re delighted to be partnering with a syndicate of top investors to continue fueling the company’s success.”
Founded by Chief Risk Scientist Jack Jones and President and Chairman of the Board Steven Tabacek in 2011, RiskLens has clients around the world across more than nine vertical industries through direct engagement and an increasing list of alliance partners. Plus the company recently announced integrations with leading software providers in the governance, risk, and compliance space, including RSA, ServiceNow, and RSAM. Plus the company has professional services partnerships with PwC Australia, Wipro, and TUV Rheinland Opensky.
“There continues to be a dire need for managing and communicating cyber risk at the executive level in large enterprises. In speaking to many of the premier customers that are using RiskLens, it became clear that RiskLens is uniquely positioned to bring a battle-tested approach to cyber risk quantification that for the first time, enables customers to make risk-based business decisions,” explained F-Prime Capital partner Gaurav Tuli “With the global growth of the FAIR standard, the track record of the RiskLens management team, and the company’s forward leaning product vision, we are excited to support the category leader in cyber risk quantification.”
RiskLens essentially empowers large enterprises and government organizations to manage cyber risk from the business perspective by quantifying that risk in monetary terms. And clients depand on RiskLens solutions to better understand and communicate their cyber risk exposure in financial terms, prioritize their risk mitigations, measure the ROI of security investments, and meet regulatory demands calling for the quantification of cyber risk,
“We have a unique view into the disruption RiskLens is bringing to the cyber risk management space as MassMutual is an existing RiskLens client. As many other leaders in cybersecurity and risk believe, RiskLens will soon become a ubiquitously trusted solution across all major enterprises. This data point, married with our analysis of the unique market opportunity and market-leading position RiskLens enjoys, made our investment decision quite easy,” noted MassMutual Ventures managing director Mark Goodman.
