BitSight Announces 23 Million in Series B Funding to Accelerate Worldwide Adoption of Security Ratings

Friday, June 26, 2015

Comcast Ventures Joins Existing Investors as Leading Companies Look to Improve Vendor Risk Management and Security Performance Benchmarking

BitSight Technologies, the standard in Security Ratings, today announced that it has closed a $23 million round of Series B financing. Comcast Ventures joins as a new investor together with current investors Globespan Capital Partners, Menlo Ventures, Commonwealth Capital Ventures, Shaun McConnon and Flybridge Capital Partners, all participating in the round of funding. Managing Director David Zilberman led the investment for Comcast Ventures. New funding will be used to extend sales and marketing into Europe and APAC, expand engineering and data science teams to accelerate the company’s new data analytics products, and fund potential acquisitions of key data source partners. BitSight has raised $49 million to date.  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. The BitSight platform uses publicly available data to rate the security performance of an organization on a daily basis. 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. BitSight Security Ratings range from 250 to 900, with higher ratings equating to higher security performance.  “The transition of information security to a business discussion at the board level highlights the market need for objective, evidence-based measures of performance. BitSight Security Ratings provide data that can be used to understand risk in a variety of different scenarios, from the boardroom to conversations with strategic vendors or in underwriting decisions,” said Shaun McConnon, CEO of BitSight. “We are delighted that our existing investors have re-upped their commitment to our success, and I am particularly pleased that an organization with such Internet service reach as Comcast has chosen us as a key part of their investment portfolio.” “BitSight has all the right ingredients for success, including a seasoned leadership team, innovative technology and a growing customer base,” said David Zilberman, managing director of Comcast Ventures. “Given the necessity for continuous vendor management, it’s important for us to invest in a company that has the potential to truly change the way all organizations measure risk and rate cyber security performance. BitSight is on an impressive trajectory.” Since closing Series A financing in June 2013, BitSight hit several key milestones, including: Securing 150+ enterprise customersTripling revenue from 2014 in only the first two quarters of 2015Bringing four Security Ratings use cases to marketBitSight Security Ratings for Vendor Risk Management, whose users include two of the top five investment banks in the worldBitSight Security Ratings for Benchmarking, which is used by 25 Fortune 500 companiesBitSight Security Ratings for Cyber Insurance, which is used by three of the top five cyber insurance underwriters in the worldBitSight Security Ratings for Mergers & Acquisitions, which is used by four of the top five private equity companies in the worldThe acquisition of security intelligence company AnubisNetworksSelection as a Gartner "Cool Vendor" in Vendor Management for 2015