Safe Security Secures $33M Funding from BT - Cyber Risk Startup

Safe Security Receives $33 Million Investment from BT

Safe Security, a cyber risk management startup based in Silicon Valley, has successfully obtained a $33 million investment from U.K.-based telecommunications company, BT.

About Safe Security

Established in 2012, Safe Security – initially operating as Lucideus – empowers organizations to assess and lessen cyber risks throughout their entire enterprise.

The company’s core offering is its security assessment framework for enterprises (SAFE) platform. This service is utilized by numerous prominent companies, including Facebook, Softbank, and Xiaomi.

SAFE helps businesses determine the probability of experiencing a significant cyberattack. It also calculates the potential financial impact of these risks on their customer base.

Furthermore, the platform delivers practical recommendations for mitigating identified vulnerabilities.

Investment Details

This funding round included contributions from Safe Security’s current investors.

Notably, former Cisco chairman and CEO, John Chambers, participated in this round.

The total funding raised by Safe Security now amounts to $49.2 million.

BT’s Strategic Investment

BT stated that this investment, representing its first substantial third-party investment in cybersecurity since 2006, underscores its commitment to expansion within the cybersecurity sector.

Philip Jansen, BT’s CEO, emphasized the growing importance of cybersecurity for both businesses and governments. He stated the need for reliable protection against escalating cyber threats.

Jansen added that this investment demonstrates BT’s ambition to further solidify its position as a leading provider in the fragmented security market.

Collaboration and Future Development

Saket Modi, co-founder and CEO of Safe Security, expressed his enthusiasm for the partnership with BT.

He believes that combining BT’s extensive global reach with SAFE’s real-time cyber risk visibility will revolutionize how security is measured and managed globally.

As a result of the investment, Safe Security plans to expand its engineering team significantly by year-end.

BT will integrate the SAFE platform with its existing managed security services.

Additionally, BT will secure exclusive rights to utilize and market SAFE to businesses and public sector organizations within the U.K.

The two companies will also collaborate on the development of future cybersecurity products.

Competitive Landscape

Safe Security operates within a competitive market, with key competitors including UpGuard, Exabeam, and VisibleRisk.