BitSight, a Cambridge, Mass.-based provider of a security ratings platform, closed a $40m Series C financing round.
The round was led by GGV Capital with participation from previous investors Flybridge Capital Partners, Globespan Capital Partners, Menlo Ventures, and Shaun McConnon, as well as the venture capital arms of Comcast Ventures, Liberty Global Ventures, and Singtel Innov8. In conjuntion with the funding, GGV Capital’s Glenn Solomon will join BitSight’s Board of Directors.
The company intends to use the funds to accelerate global expansion and product innovation.
Led by Shaun McConnon, CEO, BitSight provides a security rating platform that generates objective, outside-in ratings on companies’ security performance. Using evidence of security outcomes from networks around the world, it applies 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, among others.