SafeBase announced that it has raised $18 million in a Series A round led by global venture capital firm, New Enterprise Associates (NEA), with participation from Y Combinator and Comcast Ventures,we the corporate venture capital arm of Comcast Corporation.
SafeBase already has more than 100 customers, including Linkedin, Jamf and cybersecurity company, Snyk. The funding will be used to fuel growth and recruit talent.
SafeBase is a smart trust center for sharing a company’s security posture and automating access to sensitive documents. The SafeBase portal provides companies with “self-serve” access, allowing InfoSec teams to learn everything about a company’s security program, which speeds up the sales cycle while building trust with customer prospects by allowing complete visibility.
Security assessments have long been bottlenecks for enterprise adoption of new technology. Cybersecurity spending will top $174 billion in 2024 with 69% reporting regulatory compliance as the primary spending driver, according to a recent study published by TechBeacon. In addition, third-party breaches are becoming increasingly common, with 80% of organizations experiencing at least one such breach over the past year. When evaluating new enterprise technology from a third-party vendor, assessing security posture is essential, yet this process can be slow and arduous. SafeBase is designed to automate access and provide security and compliance information for industry standards such as GDPR, HIPAA compliance and SOC2.
“Security reviews are notorious for being disjointed and often complicated—which consequently leads to delayed sales cycles and implementations,” said Hilarie Koplow-McAdams, Venture Partner, NEA. “SafeBase has developed a long-desired solution that streamlines and automates security reviews within a single platform, giving customers the confidence to make faster decisions for new technology. The product has already displayed impressive market traction and we’re thrilled to partner with the SafeBase team as they continue to pioneer the future of vendor security for organizations globally.”
SafeBase was started by founders Al Yang, CEO; and Adar Arnon, CTO; who met at Harvard and were admitted to Y Combinator’s accelerator program amidst the Pandemic. Prior to Harvard, Adar served in Israeli Defense Forces Unit 8200, thus the company has strong engineering teams in both the U.S. and Israel. Al is a successful serial entrepreneur who personally felt the pain and inefficiency of vendor security assessments. Together they are on a mission to create a world in which companies with solid security programs can gain a competitive advantage in the sales process.
“At SafeBase, we want all companies, regardless of size or sector, to be able to easily communicate their security posture to the world,” said Al Yang, CEO of SafeBase. “We’re very proud that the investors at NEA share our vision and want to help us bring it to every company that’s serious about building and maintaining trust with its customers.”
In addition to security and compliance issues in the sales process, SafeBase also empowers business development and sales teams to streamline security and compliance processes for companies integrating third-party technology vendors. Now information security teams can access all the details of a company’s security program from an organized, interactive dashboard.