Balbix, the US-based developer of a cyber risk assessment platform, has secured $20m in a series B round co-led by Singtel Innov8, a subsidiary of telecoms company Singapore Telecommunications.
Mubadala Ventures, a branch of the emirate of Abu Dhabi’s Mubadala Investment Company, co-led the round, which included venture capital firm Mayfield Fund and angel investors BV Jagadeesh, Gary Gauba, John Chambers and Pankaj Patel.
Balbix has developed software that utilises artificial intelligence to continuously predict cyber breaches. The platform’s interface is based on a searchable and clickable heat map.
Jeff Karras, managing director of Singtel Innov8, is joining Balbix’s board of directors in conjunction with the round, together with Gauba and Patel. Mayfield had provided the company with $8.6m that was disclosed when it emerged from stealth in June 2017.
Karras said: “Balbix’s ability to use advanced AI to enable Google-like search together with relevance and contextualisation capabilities for cybersecurity and risk assessment is something we haven’t seen before. We are confident that Balbix will have a major impact on the market.”