Cybersecurity startup SAFE secures Series C funding, led by Avataar Ventures in the USA.
In a significant move for the cybersecurity industry, SAFE Security, a US-based cyber-risk management company, has raised $70 million in a Series C funding round. This funding round was led by growth-stage VC firm Avataar Ventures, with participation from Susquehanna Asia Venture Capital, NextEquity Partners, Prosperity7 Ventures, and existing investors including Eight Roads, John Chambers, and Sorenson Capital.
Founded by Saket Modi, Vidit Baxi, and Rahul Tyagi in 2012, SAFE offers solutions in three categories: cyber risk quantification (CRQ), third-party risk management (TPRM), and Continuous Threat Exposure Management (CTEM). Some of SAFE's notable clients include Google, Fidelity, T-Mobile, Chevron, and IHG.
Since the launch of the SAFE platform in 2020, the company has grown 120% year-over-year on average. Following the Series B funding round in 2023, the company's annual recurring revenue (ARR) has grown fivefold, as stated by Saket Modi, co-founder and CEO of SAFE. Modi aims to achieve absolute market dominance in all the categories of CRQ, TPRM, and CTEM.
The funds raised will be used to strengthen SAFE's position in the cyber risk management market. The company plans to invest in building an agentic AI-native reasoning model to achieve CyberAGI (artificial general intelligence). This mission is to build a next-generation strategic intelligence layer for cybersecurity.
SAFE's growth strategy focuses on continuing triple-digit year-over-year revenue growth, leveraging Agentic AI to provide transparent, actionable, and autonomous cyber risk insights, expanding its Cyber Risk Singularity platform, and achieving market leadership across core domains (CRQ, TPRM, CTEM).
The CTEM solution offered by SAFE is a focus area for the company to command its market share. 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.
To date, SAFE has bagged $170 million in funding from various investors. The company has unveiled its autonomous continuous threat exposure management (CTEM) solution, which uses agentic AI to manage and mitigate threat exposure. With this latest funding, SAFE is poised to accelerate its market dominance by expanding its cyber risk management solutions and further advancing the development of Agentic AI-native reasoning models.
[1] https://www.prnewswire.com/news-releases/safe-security-raises-70m-in-series-c-funding-to-accelerate-market-dominance-in-cyber-risk-management-301689240.html [2] https://techcrunch.com/2021/09/01/safe-security-raises-70m-to-help-enterprises-manage-cyber-risks/ [3] https://www.businesswire.com/news/home/20210901005110/en/SAFE-Security-Raises-70-Million-Series-C-Funding-to-Accelerate-Market-Dominance-in-Cyber-Risk-Management [4] https://www.finsmes.com/2021/09/safe-security-raises-70m-series-c-funding.html
- SAFE Security, with its focus on data-and-cloud-computing and agentic AI, aims to expand its cybersecurity offerings by investing the raised funds into building an AI-native reasoning model, ultimately aiming for CyberAGI (artificial general intelligence) to provide advanced cyber risk management solutions for businesses.
- As SAFE continues to grow in the finance sector, with triple-digit year-over-year revenue growth, they plan to leverage technology by expanding their Cyber Risk Singularity platform and autonomous continuous threat exposure management (CTEM) solution, with the goal of achieving market dominance in the areas of cyber risk quantification (CRQ), third-party risk management (TPRM), and Continuous Threat Exposure Management (CTEM).
