New Delhi, July 31 -- US-based cyber-risk management Safe Security or SAFE, which counts venture-capital firms such as Sorenson Capital and Eight Roads as investors, has collected $70 million (around Rs 613 crore) in a Series C funding round led by growth-stage VC firm Avataar Ventures.
The Bengaluru-based Avataar which invests across early, expansion and growth stages typically invests between $10 million and $50 million in its portfolio companies, according to VCCEdge's data. California-based SAFE, which has offices in Delhi and Bengaluru, said the round saw participation from Susquehanna Asia Venture Capital, NextEquity Partners, Prosperity7 Ventures, and existing investors including Eight Roads, John Chambers and Sorenson Capital.
The latest funding round comes more than two years after SAFE raised $50 million in a Series B round led by Sorenson, with participation from Eight Roads, Telstra Ventures, and WTI. To date, the startup has bagged $170 million in funding from various investors.
Along with the funding, the startup also unveiled its autonomous continuous threat exposure management (CTEM) solution, which uses agentic AI to manage and mitigate threat exposure. This will be an addition to its cyber-risk singularity platform.
The company plans to use the capital to strengthen its position in the cyber risk management market and invest in building an agentic AI-native reasoning model, as it aims to achieve CyberAGI (artificial general intelligence).
Founded by Saket Modi, Vidit Baxi, and Rahul Tyagi in 2012, SAFE provides cyber risk management with agentic AI to chief information security officers (CISOs), cybersecurity, and TPRM companies to continuously quantify, prioritize, and mitigate cyber risks across their entire attack surface.
It offers solutions in three categories: cyber risk quantification (CRQ), third-party risk management (TPRM) and CTEM. Some of SAFE's clients are Google, Fidelity, T-Mobile, Chevron, and IHG.
CTEM target
Saket Modi, co-founder and CEO of SAFE, said since the launch of its platform in 2020, the company has dominated cyber risk management management in categories such as CRQ and gradually becoming a leader in TPRM solutions. It now seeks to command its market share in CTEM.
"We plan on achieving absolute market dominance in all these areas, which serve as building blocks towards our mission of building CyberAGI," he told VCCircle.
Modi said since its Series B funding round in 2023, the company's annual recurring revenue (ARR) has grown by five fold. Following the launch of the SAFE platform in 2020, the company has grown 120% year-over-year on average. "We plan to continue this triple-digit growth for the foreseeable future," Modi added.
Published by HT Digital Content Services with permission from VC Circle.