Cyber risk company Black Kite has raised $22m from a Series B funding round led by Volition Capital.
The round also saw participation from Moore Strategic Ventures, LLC, Glasswing Ventures and Data Point Capital. Black Kite has secured over $33.1m in funding since 2019.
Founded in 2016, Black Kite claims its mission is to build the most trustworthy cyber rating system in the world. The company’s platform and global data lake provides cyber risk assessments and quantification for over 34 million entities in minutes.
According to the firm, the newly raised capital will allow it to expand investment in marketing, customer success, channels and strategic partnerships. Over the last year, the business claims it has more than doubled its customer base and employee headcount. Black Kite said further cyber risk management innovations, such as third-party risk quantification and the first-ever ransomware predictability tool has boosted the company’s growth.
Black Kite CEO Paul Paget said, “The Volition team is a roll-up-the-sleeves group that has a great reputation for partnering with founding management teams and playing to win. “Ransomware risk to supply chains and critical infrastructure providers can only be mitigated through a clear and real-time view of threats and vulnerabilities across organisations and their trading partners.”
Volition Capital managing partner Sean Cantwell added, “Third-party cyber risk management is a persistent and growing concern for organizations across all industries, and solutions that most effectively mitigate these risks have significant growth potential. Black Kite’s unique standards-based approach to supply chain risk assessment coupled with a strong management team has enabled significant market growth and traction. As long-time investors in supply chain compliance and security software businesses, we believe that Black Kite is well-positioned to emerge as the category-leading third-party cyber risk platform.”
Earlier this year, the chairman of the US Federal Reserve Jerome Powell has claimed he is more worried about cyber risk than the possibility of another financial crash.
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