USA – Balbix, a San Jose, Calif.-based cybersecurity posture automation company, raised $70m in Series C funding.
The round was led by Redline Capital with participation from new investors Third Point Ventures, Nautilus Venture Partners, Modern Venture Partners and Franklin Park, as well as existing investors Mayfield, JC2 Ventures, Mubadala Capital, Alter Venture Partners and Singtel Innov8.The company intends to use the funds to build out its go-to-market capabilities and continued engineering investments to address market needs across unified asset inventory, software bill of materials (SBOM), vulnerability management, cyber risk quantification and security posture automation.Led by Gaurav Banga, CEO and founder, Balbix provides a cybersecurity posture automation platform, the Balbix Security Cloud, which uses AI and automation to enable organizations to reduce their cyber risk. With Balbix, security teams can accurately inventory their cloud and on-prem assets, conduct risk-based vulnerability management, and quantify their cyber risk in monetary terms.The Series C announcement follows Balbix’s growth in annual recurring revenue (ARR) over the last twelve months, including four multi-million-dollar deals closed with Fortune 100 companies, the launch of an automated cyber risk quantification solution, enabling organizations to automate the quantification of cyber risk in dollars with traceability to underlying operational issues and risk owners, 200+ percent growth in new enterprise customers, across the Americas, Asia, Europe, Middle East and Africa, and notable additions to its partner ecosystem including a new AWS integration and a partnership with global MSSP Microland.01/03/2022
