Business News Report
April 18, 2023

Safe Security Raises $50M Series B Round for AI-Driven Cybersecurity Platform

In Brief

This round brings the company’s funding to over $100 million.

Eight Roads, the venture capital arm of Fidelity Investments, participated in the round.

Safe’s AI-driven predictive data models are co-developed with MIT.

Safe Security, an AI-based cyber risk management SaaS platform, today announced the close of a $50 million Series B round led by Sorenson Capital, bringing the company’s total funding to over $100 million.

The round was joined by Eight Roads, the venture capital arm of Fidelity Investments, Telstra Ventures, WTI, and all existing investors.

Safe Security claims that its platform is the industry’s first AI-driven, real-time solution for managing and mitigating cyber risk. The company says that its platform’s AI-driven predictive data models are co-developed with MIT. Even though Safe has published comprehensive resources about its technology on its website, it has not spoken extensively about the AI technology behind its cybersecurity solutions.

According to a press release, Safe gives organizations an aggregated view of enterprise cyber risk, enabling cybersecurity teams to gain visibility across their entire attack surface, technology, people, and third parties.

With read-only APIs from over 50 technology tools, Safe can be integrated with some of the world’s biggest tech platforms, including Adobe Experience Manager, AWS, Azure, Google Workspace, Microsoft 365, and more.

Many of Safe’s customers are healthcare and financial organizations such as hospitals and banks. It has also served household names like KFC, Chipotle, and EY. Saket Modi, CEO and co-founder of Safe Security, said that Safe has been growing over 200% for three consecutive years due to tailwinds from regulators, cyber insurance, and boards to understand and quantify cyber risk in an aggregated manner.

Additionally, Safe enables top security officers (known as CISOs) to check how well their current security measures are working. The platform uses two important frameworks (called MITRE ATT&CK and D3FEND) to map out potential cyber risks and identify any areas that need improvement. But Safe isn’t just for tech experts. It also provides a simple, easy-to-understand view of cyber risk for company bosses like CEOs and CFOs.

Shaun Khalfan, CISO for Discover Financial Services, said: “Discover treats cyber risk as one of the top risks that can have a material impact to our business, and the journey to managing that risk starts from knowing where it stands at any given time. The SAFE platform provides us with a much easier onboarding experience and objectively showcases the risk of business-critical applications and assets.”

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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