SecurityScorecard Partners with Sequoia in $12.5 Million Series ‘A’ Funding Round
NEW YORK, March 24, 2015 /PRNewswire/ -- SecurityScorecard™, the leading security company to predict and remediate potential security risks across organizations and their partners, today announced it has partnered with Sequoia and raised $12.5 million in Series A financing. The round also includes participation from existing investors Boldstart and Evolution Equity Partners. The company has raised a total of $14.7 million. Michael Goguen, partner at Sequoia, has joined the company's board.
SecurityScorecard provides precise global threat intelligence and risk awareness continuously and non-intrusively so businesses and their partners can collaboratively predict and remediate data security issues. The company's Threatscape benchmarking service gives organizations unique visibility into the security posture of their partners and vendors. Now companies can collaborate with their partners to close the loop on open security issues, protecting their revenue and brand integrity.
"As data breaches increase in frequency, audacity and cost, the need for accurate and comprehensive security analysis across your entire partner ecosystem has never been greater," said SecurityScorecard co-founder and CEO Dr. Aleksandr Yampolskiy. "Companies can save millions by stopping intrusions for as little as $6 a day using SecurityScorecard. Of the nearly $77 billion that will be spent on cybersecurity in 2015, an investment in SecurityScorecard might well yield the best return."
As cloud services proliferate, companies are struggling to accurately assess, monitor and benchmark the security posture of their own enterprises. Add in the security risks introduced by third-party vendors and the challenge becomes nearly unmanageable. The existing approaches to assessing security, which require crude paper surveys or highly intrusive penetration tests, are labor intensive and yield incomplete information.
"In this time of nonstop and highly-publicized breaches, CISOs dread the one line email from their CEOs asking 'How secure are we?'" said Goguen. "SecurityScorecard provides the answer in minutes with a deep and ongoing assessment of your company's security risks and actionable intelligence to address them. As a former CISO himself, Aleksandr and his SecurityScorecard team understand this pain and how to address it."
Organizations that have already taken advantage of SecurityScorecard's benefits include Fortune 500 leaders in financial services, retail, healthcare and manufacturing industries including Trinet, Gilt Groupe, Deerfield Management, Shutterstock, and Harry's.
SecurityScorecard provides precise global threat intelligence and risk awareness continuously and non-intrusively so businesses and their partners can collaboratively predict and remediate data security issues. SecurityScorecard customers are Fortune 500 leaders in financial services, retail, healthcare and manufacturing industries including Trinet, Gilt Groupe, Deerfield Management, Shutterstock, and Harry's.
SecurityScorecard was founded in 2013 by CEO Dr. Aleksandr Yampolskiy and COO Sam Kassoumeh, both former Gilt Groupe heads of security and compliance, and is headquartered in New York. SecurityScorecard investors include Sequoia Capital, Evolution Equity Partners, Boldstart Ventures, Atlas Ventures and others.
The Sequoia team helps a small number of daring founders build legendary companies. We spur them to push the boundaries of what's possible. In partnering with Sequoia, companies benefit from our unmatched community and the lessons we've learned over 40 years working with Steve Jobs, Larry Ellison, John Morgridge, Jerry Yang, Elon Musk, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko and Jack Dorsey, among many others. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ's total value. We're proud that their success also fuels great causes: since 2000 alone we have returned more than $10 billion to non-profits like the Ford Foundation, Mayo Clinic and MIT.
About BOLDstart Ventures
Boldstart Ventures, based in New York City, is a leading seed stage venture capital firm focused on the enterprise. Our team has over 25 years of combined experience backing companies like LivePerson, GoToMeeting, and Greenplum. Founded in 2010, boldstart has backed over 40 companies like Security Scorecard, divide (sold to Google), goinstant (sold to salesforce), blaze.io (sold to Akamai), and rapportive (sold to LinkedIn) See more about us and our full portfolio @ www.boldstart.vc
About Evolution Equity Partners
Evolution Equity Partners is a growth stage international investor leveraging deep sector expertise to help exceptional entrepreneurs develop market leading companies with global reach. Evolution invests primarily in the US & Europe and assists portfolio companies to expand in new markets. Segments where Evolution invests include: Information Security, Enterprise Software & Solutions and Consumer. Current and previous portfolio companies include AVG Technologies (AVG : NYSE), Cognitive Security (CSCO: NASDAQ), OpenDNS, SecurityScorecard, 60K, NEJ-TV among others.