US, India cybersecurity player gets $50m Series B

Existing investors Eight Roads, Telstra Ventures, and Western Technology Investment also participated. The round brings total funding to more than USD 100m, with earlier rounds featuring MS&AD Ventures and JC2 Ventures, according to AVCJ Research.

Safe was founded in India as Lucideus in 2012 and relocated headquarters to Silicon Valley in 2018, maintaining a base in New Delhi. Clients include KFC, EY, IIFL Wealth, Infosys, ICICI Bank, HDFC Bank, Apollo Hospitals, and at least two Tata Group entities.

The company claims to empower companies, including cyber insurance carriers, as well as organisations such as regulators to understand cyber risk in an aggregated and granular manner. It said it is growing more than 200% year-on-year.

The technology suite includes predictive artificial intelligence (AI), co-developed with Massachusetts Institute of Technology, as well as a platform said to process data from sources such as Microsoft, Google, and Amazon into risk-assessment insights in under five minutes.

“Managing cyber risk is at a critical inflection point. There is a huge market opportunity for a horizontal layer across the entire cyber stack for managing risk,” Burke Davis, a partner at Sorenson, said in a statement. “We invested in Safe because it is uniquely positioned to assume this leadership role in this new category with its real-time AI-driven approach.”

Cyber risk management as a business function is rapidly evolving from simply preventing attacks to navigating a global patchwork of data regulations, a trend largely driven by deglobalisation. In addition to investing in the relevant service providers, private equity firms are rethinking back-end processes around investment, operations, and exits.

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