CyberGRX raises $30 million in Series C funding round
CyberGRX has raised $30 million in Series C funding led by Scale Venture Partners. Existing investors Aetna Ventures, Allegis Group, Bessemer Venture Partners, The Blackstone Group, ClearSky, GV, MassMutual Ventures, and TenEleven Ventures also participated in the round. In the last 12 months, CyberGRX has seen over 1,000 percent growth in both annual revenue, and in companies on the Exchange.
The company will deploy the secured capital to support this user growth, further extend augmentation capabilities with an analytics package, and advance the mission to build a community where enterprises can organize a collective defense against attackers. To date, CyberGRX has raised a total of $59 million in equity financing.
CyberGRX has transformed the way the market conducts third-party cyber risk management by replacing static and siloed methods with a dynamic and collaborative approach that unites third parties and their customers in the fight against cyber threats. While organizations and third parties face different challenges in third-party risk management, CyberGRX has proven that organizations are stronger when they work together.
The CyberGRX Exchange breaks down barriers between third parties and their customers, enabling them to share data and create insights on how to prioritize and reduce their collective risk. As more companies continue to join CyberGRX in an alliance against supply chain attacks, the benefits of the Exchange get stronger and organizations profit from a collaborative approach, including joint negotiation, community benchmarking and shared costs among users.
To help drive the company’s enterprise growth strategy, Ariel Tseitlin, a partner at Scale Venture Partners, will join CyberGRX’s board of directors. “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,” said 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.”
The company has, and will continue to add essential sales, marketing and customer success positions to support their growth, including the recent hire of Brian Fegley, as CyberGRX’s Vice President of Customer Success. Fegley and his team will focus on ensuring the CyberGRX customer experience on and off the Exchange is conducive to helping third parties and their customers work together to reduce risk.
Fegley and the CyberGRX customer success team will also manage the recently launched online TPCRM community, purpose-built to encourage cross organizational collaboration between risk professionals and IT teams who are struggling with the inefficiencies created by traditional approaches to third-party cyber risk management.
“Third-party cyber risk management is a challenge to all organizations, regardless of size or industry,” says Fred Kneip, CEO, CyberGRX. “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.”
Any company that shares data with third parties is in a race with hackers. It is critical for organizations, big and small, to identify the vulnerabilities within their digital ecosystem before attackers do. The CyberGRX Exchange is the way to identify, prioritize and minimize risk, for both third parties and their partners. The Exchange, built on a shared cost model, features assessments as well as the advanced analytics to turn that data into actionable insights and augment teams to achieve more with existing resources.