Security ratings firm BitSight today announced that it has closed a $60 million Series D funding round that brings the company’s total funding to $155 million.
Founded in 2011, BitSight’s Security Ratings SaaS platform is currently used by more than 1,200 customers around the world to manage third party risk, benchmark performance, underwrite cyber insurance policies and conduct M&A due diligence.
BitSight plans to use the funding to continue its global expansion and extend its portfolio of security risk management solutions.
According to BitSight, demand for its product is increasing rapidly. In fact, cyber-security ratings are expected to become “as important as credit ratings when assessing the risk of business relationships” within the next four years, the company notes, citing a Gartner report.
Cybersecurity rating services are also expected to impact the degree to which organizations engage with other companies and should also influence the cost and availability of cyberinsurance.
“When BitSight introduced the first Security Ratings Platform in 2011, we set out to transform how businesses evaluate risk and security performance. […] there is still more work to do in continuing to establish a global standard for cyber security risk decisions,” said Tom Turner, CEO of BitSight.
“We believe there is tremendous opportunity for BitSight globally, and we look forward to working with Tom and the rest of the talented management team in the company’s next phase of growth,” Davis said.
Led by Warburg Pincus, BitSight’s new funding round received participation from existing investors Menlo Ventures, GGV Capital and Singtel Innov8. Cary Davis, Managing Director of Warburg Pincus, will join BitSight’s Board of Directors.