BitSight Technologies, a Cambridge, MA-based provider of innovative big data analytics for risk management, closed a $24m Series A round of financing.
Backers included Globespan Capital Partners, Menlo Ventures, Flybridge Capital Partners, and Commonwealth Capital Ventures. In conjunction with the financing, Globespan Capital Partners’ Dave Fachetti and Menlo Ventures’ Venky Ganesan will join Flybridge Capital Partners’ David Aronoff, BitSight’s CEO Shaun McConnon and co-founders Stephen Boyer and Nagarjuna Venna on the Board of Directors.
The company intends to use the capital to expand product development efforts, hire sales and marketing personnel, and launch its first product.
Founded in 2011 and led by Shaun McConnon, CEO, BitSight Technologies provides a global platform that collects and analyzes vast amounts of data on security behaviors, processes and technology to identify and quantify security risk, providing organizations with the information needed to address security concerns.