Cyber threat startup Safe Security lands $33M from UK telco BT

Safe Security, a Silicon Valley cyber danger management startup, has actually secured a $33 million financial investment from U.K. telco BT.Founded in

2012, Safe Security– formerly called Lucideus– helps companies determine and reduce enterprise-wide cyber threat using its security assessment framework for business (SAFE) platform. The service, which is utilized by a number of business, including Facebook, Softbank and Xiaomi, assists companies comprehend their probability of suffering a major cyberattack, calculates a financial cost to clients’ risks and supplies actionable insight on the steps that can be required to resolve them.

This funding round saw participation from Safe Security’s existing financiers, consisting of former Cisco chairman and president John Chambers, and brings the total amount raised by Safe Security to $49.2 million.

BT said the investment, which is its first major third-party investment in cybersecurity considering that 2006, showed its strategies to grow rapidly in the sector. Philip Jansen, BT CEO said: “Cybersecurity is now at the top of the agenda for services and governments, who require to be able to trust that they’re safeguarded versus increasing levels of attack.”

Already one of the world’s leading providers in a highly fragmented security market, this financial investment is a clear sign of BT’s ambition to grow further.”

The start-up’s co-founder and chief executive Saket Modi stated he was” delighted “to be dealing with BT.

“By lining up BT’s global reach and abilities with SAFE’s capability to provide real-time presence on cyber threat posture, we are going to fundamentally alter how security is determined and handled around the world,”he stated. As part of the investment, which will see Safe Security double its engineering group by the end of the year, BT will combine the SAFE platform with its managed security services, and gain special rights to use and offer SAFE to businesses and public sector bodies in the U.K. BT will also work collaboratively with Safe Security to establish future products, according to an announcement from the company.

Safe Security’s rivals include UpGuard, Exabeam and VisibleRisk.

deals Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.