RiskIQ, the leader in digital risk management, today announced that it closed $30.5 million in Series C funding led by Georgian Partners. Existing investors Summit Partners, Battery Ventures, and MassMutual Ventures also participated in the round, further validating the company’s leadership position and market opportunity. This financing will enable the company to expand its ecosystem, global sales, and platform applications within the disruptive Digital Risk Management market.
Threats outside the firewall are vast and dynamic. RiskIQ provides organizations access to the widest range of security intelligence and applications necessary to understand exposures and take action – all without leaving the platform. Similar to Google, RiskIQ applies machine learning and data science to continuously improve platform intelligence and broaden functionality by leveraging big data, customer usage and attack activity. With RiskIQ, enterprises can efficiently defend their digital attack surface, pinpoint exposures across their business, and dynamically mitigate cyber threats across web, mobile, and social.
Since 2009, RiskIQ has enabled security staff to reduce the time needed to understand new threats, speed up investigations, and more effectively prevent and remediate incidents. The company helps protect some of the largest and most trusted names in financial services, technology, retail, government, healthcare, media and manufacturing around the world, including Facebook, DocuSign, Under Armour, Lagardere, and Publishers Clearing House. RiskIQ was recently named a leader for Digital Risk Monitoring and received the highest score for the current offering category in The Forrester Wave™: Digital Risk Monitoring, Q3 2016. In the first half of 2016, the company reported year-over-year bookings growth of 80 percent, growing bookings and new customer acquisition for every product in its platform. Through RiskIQ’s revamped channel program, the company has successfully penetrated European and Asian markets. Today, RiskIQ has more than 200 enterprise customers, over 13,000 security analysts using the RiskIQ platform, and hundreds of users subscribing to the RiskIQ PassiveTotal digital threat investigation tool each week.
“We are pleased to have Georgian Partners as part of our strong investment and advisory team. Georgian, like RiskIQ, was founded by entrepreneurs. We share similar business values and philosophies,” said Lou Manousos, CEO and co-founder of RiskIQ. “They know what it takes to develop a business into a customer-focused, long-lasting, and profitable company – values that our entire board of directors shares.”
“RiskIQ has already designed the platform to dominate the Digital Risk Management market, and we are excited to contribute to their success,” said Steve Leightell of Georgian Partners, who will join the Board as part of the transaction. “Our team of experts in applied analytics, applied artificial intelligence and security first could not be better suited to partner with RiskIQ on their next phase of growth,” said Justin LaFayette, managing director at Georgian Partners.
Greg Goldfarb, managing director at Summit Partners, added: “The future of security is connecting the inside and the outside of the enterprise boundary. Threats start outside the firewall, move inside, and exfiltrate data back outside – and all the while malicious actors can compromise a company’s digital assets, vendors, and customers across web, mobile, and social environments. RiskIQ lights up the entire digital world outside of the controlled perimeter and connects that activity to a company’s internal security regime for 360-degree security.”
Michael Brown, general partner at Battery Ventures, added: “You only need to read the headlines to see that cyberattacks are taking their toll on organizations who fail to extend security controls beyond the firewall. While the majority of data breaches are from external sources, addressing the problem with traditional security tools is inefficient. RiskIQ has built the right commercial platform to manage a broad range of digital threats in an agile way that can address future attack vectors. We believe the company is well positioned to capitalize on this tremendous market opportunity.”