UpGuard, a Mountain View, CA-based cybersecurity assessment score company, raised $17m in Series B financing.
The round was co-led by new investor Pelion Venture Partners and existing investor Square Peg Capital, with participation from all existing investors, as well as strategic investment from Australia’s largest general insurer IAG.
The company will use the funds to accelerate its growth strategy centered on increasing adoption of its cybersecurity assessment score and exploring insurance opportunities.
Led by Mike Baukes, UpGuard is the company behind CSTAR, a cybersecurity preparedness score, which allows businesses to understand the risk of breaches and unplanned outages due to misconfigurations and software vulnerabilities. It also offers insurance carriers to effectively assess client risk and compliance profiles.
Thousands of companies, including Rackspace, Ulta, Citrix, Amadeus, PGI and ADP, use UpGuard to validate infrastructure, detect risks and procure cybersecurity insurance.
The company also has offices in Portland, OR.