RiskLens Closes $20 Million Series B to Expand Leadership in Cyber Risk Quantification
RESTON, Va. and SPOKANE, Wash., April 08, 2019 (GLOBE NEWSWIRE) -- RiskLens, the leading provider of cyber risk quantification (CRQ) and cyber risk management software, today announced that a powerful syndicate of new and existing investors – led by Paladin Capital Group – invested $20.55 million in Series B funding to support the company’s continued 100 percent year-over-year global growth. Existing investors of the company participating in this Series B funding – Paladin Capital Group, Dell Technologies Capital and Osage Venture Partners – are joined by F-Prime Capital, the global venture capital firm affiliated with FMR LLC, the parent company of Fidelity Investments, and MassMutual Ventures, the venture capital arm of Massachusetts Mutual Life Insurance Company (MassMutual). MassMutual currently utilizes the RiskLens software.
The investment will fuel expansion across Sales, Marketing, Engineering and Professional Services departments and enable RiskLens to retain and grow its market leading position in the emerging cyber risk quantification space.
“RiskLens has forever changed the way large organizations assess, manage and report on cyber risk, by translating the impact of threats and vulnerabilities into the financial language of the business that everyone understands: dollars and cents,” said Nick Sanna, Chief Executive Officer at RiskLens. “We’re giving Boards of Directors, CISOs and Cyber Risk teams what was once thought impossible – a decision-support platform and a system of record that allows them to make cost-effective decisions regarding the prioritization of security initiatives and the rightsizing of those investments. RiskLens is currently the only software platform that can help clients establish quantitative and financially-oriented cyber risk management programs. We are proud to have our existing investors expand their commitment to our success and are thrilled to be joined by F-Prime Capital and MassMutual investors given their prowess in the financial services and insurance sectors.”
The RiskLens Platform is the only enterprise-class, Software as a Service solution built on the Factor Analysis of Information Risk ( FAIR ) standard - now trusted by more than 4,500 leading professionals in security and risk, and represented within 8 out of the Fortune 10, 75% of the Fortune 50 and nearly 30% of the Fortune 1,000 organizations. RiskLens supports clients across the globe, across more than nine vertical industries through direct engagement and a growing list of prestigious alliance partners. The company recently announced integrations with leading software providers in the Governance, Risk and Compliance space – RSA, ServiceNow and RSAM – as well as professional services partnerships with PwC Australia, Wipro and TUV Rheinland Opensky.
“As early believers in RiskLens since our participation in the Series A funding, we’ve seen first-hand the rapid shift of market momentum towards cyber risk quantification and the capabilities of its experienced management team in driving growth,” said Mourad Yesayan, Principal at Paladin Capital Group and RiskLens Board Member. “We believe that RiskLens is poised to become the de-facto standard in how enterprises around the globe assess, communicate and manage cyber risk. We’re delighted to be partnering with a syndicate of top investors to continue fueling the company’s success.”
New RiskLens investor Gaurav Tuli, Partner at F-Prime Capital, adds: “There continues to be a dire need for managing and communicating cyber risk at the executive level in large enterprises. In speaking to many of the premier customers that are using RiskLens, it became clear that RiskLens is uniquely positioned to bring a battle-tested approach to cyber risk quantification that for the first time, enables customers to make risk-based business decisions. With the global growth of the FAIR standard, the track record of the RiskLens management team, and the company’s forward leaning product vision, we are excited to support the category leader in cyber risk quantification.”
Mark Goodman, Managing Director at MassMutual Ventures adds: “We have a unique view into the disruption RiskLens is bringing to the cyber risk management space as MassMutual is an existing RiskLens client. As many other leaders in cybersecurity and risk believe, RiskLens will soon become a ubiquitously trusted solution across all major enterprises. This data point, married with our analysis of the unique market opportunity and market leading position RiskLens enjoys, made our investment decision quite easy.”
About RiskLens RiskLens is the leading provider of quantitative cyber risk management software. Its platform is recognized as a mission-critical business application for cybersecurity and risk teams across the Fortune 1,000. RiskLens empowers large enterprises and government organizations to manage cyber risk from the business perspective by quantifying that risk in monetary terms. Clients depend on RiskLens solutions to better understand and communicate their cyber risk exposure in financial terms, prioritize their risk mitigations, measure the ROI of their security investments, and meet regulatory demands calling for the quantification of cyber risk. RiskLens is the only cyber risk quantification software purpose-built on FAIR, the standard quantification model for information security and operational risk. For more information visit the RiskLens website at www.risklens.com.
About Paladin Capital GroupPaladin Capital Group was founded in 2001 and has offices in Washington DC, New York, Silicon Valley, London, and Luxembourg. As a multi-stage investor, Paladin focuses on best-of-breed companies with technologies, products and services that meet the challenging global cyber security and digital infrastructure resilience needs for commercial and government customers. Paladin has over $1 billion in committed capital across multiple funds. Follow the firm on Twitter @Paladincap or visit their website at www.paladincapgroup.com.
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