BitSight has closed USD40 million in Series C financing, bringing its total cumulative funding to USD95 million to date.
Led by GGV Capital, BitSight's Series C round also includes participation from previous investors, including Flybridge Capital Partners, Globespan Capital Partners, Menlo Ventures, and Shaun McConnon, as well as the venture capital arms of three major telecommunications companies – Comcast Ventures, Liberty Global Ventures, and Singtel Innov8.
GGV Capital's Glenn Solomon will join the BitSight board of directors.
The new funding will be used to support expansion and partnerships in new geographic markets, make strategic acquisitions, and accelerate product innovation.
The BitSight Security Rating Platform generates objective, outside-in ratings on companies' security performance. Using evidence of security outcomes from networks around the world, BitSight applies sophisticated algorithms to produce daily security ratings ranging from 250 to 900, where higher ratings equate to lower risk. BitSight provides Security Ratings to more than 450 companies, including Lowe's, Ferrari, Hess, Mondelez and The Hartford.
"The extremely positive feedback we received from CISOs, security professionals and other industry insiders regarding BitSight's market leading technology, growth, and customer adoption fuelled our excitement to proactively lead this financing," says Solomon. "BitSight has created what Gartner is now recognising as the Security Ratings Services market. As more awareness around this technology is created, and as BitSight continues to build out the infrastructure for a world class security ratings agency, they are poised for great success."
"We saw the huge market opportunity back in 2013 when we first invested in BitSight," says Venky Ganesan, managing director, Menlo Ventures and chair of the National Venture Capital Association board of directors. "Since that time, BitSight has further increased momentum, and this additional unsolicited, oversubscribed investment round will enable them to reinforce their leadership and market impact worldwide."
"Our customers vote with their checkbooks, as do investors who see our future," says Shaun McConnon, BitSight CEO. "We have now raised USD95 million over the past three years, and with USD60 million in the bank and 450 customers, 60 of whom are Fortune 500's, BitSight's growth is accelerating. We intend to add an additional 100 people to our current staff over the next 15 months, with a strong focus on engineering and sales. We will increase our brand, double our sales, and solidify BitSight as the global standard in security rating services. We have the people, the products, and the cash to accomplish these goals."
