CyberGRX, a Denver, CO-based provider of a third-party cyber risk management platform, raised $20m in Series B funding.
The round was led by Bessemer Venture Partners (BVP) with participation from Aetna Ventures, Allegis Capital, ClearSky, GV (formerly Google Ventures), MassMutual Ventures, Rally Ventures, TenEleven Ventures and other strategic investors. In conjunction with the funding, David Cowan, the BVP partner, joined CyberGRX’s board of directors.
The company intends to use the funds to accelerate adoption of the CyberGRX Exchange, a global third-party cyber risk management (TPCRM) exchange.
Led by Fred Kneip, CEO, CyberGRX provides a third-party cyber risk management platform to identify, assess, mitigate and monitor an enterprise’s risk exposure across its entire partner ecosystem. Through automation and advanced analytics, the solution enables enterprises to collaboratively mitigate threats presented from their increasing interdependency on vendors, partners and customers.
Launched in March 2017, the company’s exchange delivers standardized assessments, actionable analytics, remediation management and real-time threat intelligence updates to enterprises and their third parties, enabling them to mitigate risk, reduce costs and manage process complexity.