CyberGRX, a Denver, Colorado-based startup that has created what it calls a “global cyber risk exchange”, today announced that it has raised $30 million in Series C funding, bringing the total amount raised by the company to $59 million.
Through its recently launched third-party cyber risk management (TPCRM) community, CyberGRX is taking a collaborative approach that connects vendors (third-parties) and their customers with the goal of transforming how organizations conduct third-party cyber risk management and providing an easy and efficient way to identify, prioritize and minimize risk.
Built on a shared cost model, the exchange features standardized assessments as well as analytics to turn that data into actionable insights that CyberGRX says will help teams achieve more with existing resources.
“Similar to Reddit, the community will connect organizations so they can discuss where risk is being introduced into their ecosystems, and how to prioritize mitigation efforts,” a company spokesperson explained to SecurityWeek.
“The CyberGRX Exchange breaks down barriers between third parties and their customers, enabling them to share dynamic data and create actionable insights on how to prioritize and reduce their collective risk,” the company explained. “As more companies continue to join CyberGRX in an alliance against supply chain attacks, the benefits of the Exchange get stronger and organizations profit from a collaborative approach, including joint negotiation, community benchmarking and shared costs among users.”
The company was named as a finalist at the Innovation Sandbox finalist at RSA Conference 2018, where CEO Fred Kneip described his company as “bringing sexy back to third-party risk management.”
The Series C round was led by Scale Venture Partners, with existing investors Aetna Ventures, AllegisCyber, Bessemer Venture Partners, The Blackstone Group, ClearSky, GV, MassMutual Ventures, and TenEleven Ventures also participating in the round.