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The company will use the additional funds to accelerate product development to address the growing needs of customers and to accelerate sales channel and partnership growth on a global scale
Fremont, CA: Breach and attack simulation platform provider SafeBreach secured USD 19 million in its Series C funding round led by OCV Partners, with participation from previous investors Sequoia Capital, Deutsche Telekom Capital Partners, DNX Ventures, Hewlett Packard Pathfinder, and PayPal. The new round of funding takes the total amount of capital raised by the company to over USD 50 million. The company will use the additional funds to accelerate product development to address the growing needs of customers and to accelerate sales channel and partnership growth on a global scale. SafeBreach also plans to add a suite of new services for its rapidly growing base of customers who have embedded SafeBreach BAS into their daily operations as a means to continuously validate security posture and optimize configurations of existing security tools.
"In a continually changing threat environment, most enterprise security groups have responded by buying more security products and hoping that will make them more secure. But hope is not a viable strategy," says Guy Bejerano, co-founder, and CEO of SafeBreach. "Instead, CISOs and security teams need to improve their security stance on an ongoing basis and avoid the misconfigurations and security lapses of their existing security controls that make possible the vast majority of serious security incidents today."
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The Series C financing round comes soon after rapid customer growth and usage over the last two years. In 2018 and 2019, dozens of multi-billion dollar entities in financial services, healthcare, manufacturing, telecommunications, retail, and other industries adopted breach and attack simulation as part of their core strategy to validate controls, improve security posture and reduce business risk. These companies have committed to SafeBreach as their core platform for attack simulation, security risk visualization, and prioritization.
"The explosive growth of cyberattacks, combined with the increasing complexity of managing IT infrastructure, creates a pressing need for continuous attack simulation. In addition, overstretched security teams need the ability to visualize their entire attack surface, receive guidance on remediation decisions, and ultimately reduce business risk," says Hemi Zucker, Managing Principal at OCV Partners. "We are impressed with the rapid growth and quality of SafeBreach customers, and believe that SafeBreach is uniquely positioned to address those challenges, and to change the game for IT security." Hemi Zucker, Managing Principal at OCV Partners, will be joining the SafeBreach board of directors.
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