BitSight. The US-based operator of a measurement platform for security risk, has completed a $60m series D round featuring telecoms company Singapore Telecommunications’ corporate venturing unit, Singtel Innov8.
Private equity firm Warburg Pincus led the round, which also featured venture capital firms Menlo Ventures and GGV Capital, taking BitSight’s overall funding to $155m. Warburg Pincus managing director Cary Davis will join the company’s board of directors.
Founded in 2011, BitSight has created a product called BitSight Security Ratings Platform, which utilises algorithms to produce a ratings system that judges the cybersecurity risk of various financial products.
GGV Capital led BitSight’s $40m series C round in 2016, investing with Singtel Innov8, Comcast Ventures and Liberty Global Ventures – subsidiaries of mass media groups Comcast and Liberty Global – Menlo Ventures, Flybridge Capital Partners, Globespan Capital Partners and company CEO Shaun McConnon.
Comcast Ventures and existing investors Flybridge, Globespan, Menlo Ventures, Commonwealth Capital Ventures and McConnon had already supplied $23m in series B funding for the company the year before.
Tom Turner, BitSight’s chief executive, said: “When BitSight introduced the first Security Ratings Platform in 2011, we set out to transform how businesses evaluate risk and security performance.
“Over the last seven years, we’ve continued to deliver on this promise, providing tens of thousands of users with the deep insight needed to minimise risk within their environment. We know this is just the beginning, as there is still more work to do in continuing to establish a global standard for cyber security risk decisions.”