BitSight Technologies, a Cambridge, MA-based Security Rating platform, closed $23m in Series B financing.
Backers included new investor Comcast Ventures and current investors Menlo Ventures, Globespan Capital Partners, Commonwealth Capital Ventures, Shaun McConnon and Flybridge Capital Partners.
The company, which has raised $49m to date, intends to use the funds to extend sales and marketing into Europe and APAC, expand engineering and data science teams to accelerate new data analytics products, and fund potential acquisitions of key data source partners.
Led by Shaun McConnon, CEO, BitSight Technologies provides a security rating platform, which continuously analyzes vast amounts of external data on security behaviors in order to allow organizations to manage third party risk, benchmark performance, and assess and negotiate cyber insurance premiums.
BitSight Security Ratings are used by global enterprises to continuously monitor the risk posed by vendors in their supply chain, report to board members about their own security performance benchmarks within a peer group, and support underwriting decisions for cyber insurance.
Observed security events and configurations, such as communication with a botnet, malware distribution, and email server configuration, are assessed for severity, frequency and duration and used to generate objective Security Ratings.