Cybergrx Raises $30M To Assess Third Party Risk

CyberGRX, which is a Denver, CO-based provider of a global cyber risk exchange has now secured the $30 Million in the funding round of Series C.

The investors include the Scale Venture Partners, with collaboration from the existing investors like the Allegis Group, The Blackstone Group, ClearSky, Aetna Ventures, Bessemer Venture Partners, MassMutual Ventures and TenEleven Ventures. post-investment, the Ariel Tseitlin, a partner at the Scale Venture Partner will be going to join as the CyberGRX board of director.

The company which has raised a total of $59 Million in the equity financing as of now till date, has a plans to use the fund to expand the augmentation capabilities with a new analytics package and to build a community where the enterprises can organize a collective defense against the attackers.

The startup which is led by the Fred Kneip. CyberGRX provides the enterprises and their third parties with a cyber risk exchange, to share up the dynamic data and create an actionable insight on how to prioritize and reduce their collective risk.

Brian Fegley, as the CyberGRX the Vice President of the Customer Success. Fegely and his team members will be going to focus on ensuring the CyberGRX customer experience on and off the exchange are conducive to helping the third parties and their customers work together to reduce the risk. The exchange, built on the shared cost model, standardized assessments, features comprehensive and as well as the advanced analytics to turn that data into actionable insights and augment teams to achieve more with the existing resources.

“Third-party cyber risk management is a challenge to all organizations, regardless of size or industry,” says Fred Kneip, CEO, CyberGRX. “Rather than reacting to breaches after they occur, companies need to take a more proactive approach to manage third-party cyber risk. This requires more industry collaboration, meaning organizations and their third parties must work together to mitigate the risk of potential breaches before they become a target for attackers.” “We do that assessment, once in a high-quality standardized way, and we validate the information […] then we house it in a central location and allow it to be used multiple times.”

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