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Thursday, June 20, 2024

Saket Modi’s cybersecurity startup raises $50M funding

Safe Security, formerly known as Lucideus, said that it has secured $50 million in a fundraising round named Series B, which was spearheaded by Utah-based venture capital firm Sorenson Capital.

Telstra Ventures, WTI, and the venture capital arm of Fidelity Investments, Eight Roads, are among the returning investors in this round, according to a statement released by Safe Security.

At a time when startups are experiencing a fundraising winter due to inflationary pressures hitting sales cycles as well as the flow of money in technology businesses, the most recent injection brings Safe Security’s total capital to above $100 million.

Using real-time artificial intelligence, Safe Security’s platform assists its clients in managing and reducing cyber risk.

Client companies use a predictive approach to identify cyber hazards thanks to the platform’s insight across the whole attack surface, technology, people, and third parties.

According to Saket Modi, founder and CEO of Safe Security, the capacity of regulators, cyber insurers, and boards to comprehend and quantify cyber risk is what is propelling Safe into an exponential development phase. In spite of the economy’s challenges, the firm with its headquarters in Palo Alto has grown by more than 160% during the past three years, according to Modi.

Both the conversational automation business Uniphore and the data observability startup Acceldata have received funding from Sorenson Capital.

Modi, Viditkumar Baxi, and Rahul Tyagi started Safe Security in 2012, and it was bootstrapped for the first four years. John Chambers, the former CEO and chairman of the networking equipment manufacturer Cisco, is also in support of it.

Engineer in computer science Modi and his group were in charge of analysing the security of the BHIM Application created by the National Payments Corporation of India.

Customers of Safe Security, which has offices in New York, Palo Alto, London, and also in Bengaluru, may be originate from HK (Hong Kong) to California and NY (New York).


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