US-based cybersecurity risk analysis company BitSight has raised $40m in a series C round backed by subsidiaries of telecom firm Singapore Telecommunications and mass media groups Comcast and Liberty Global.
Singtel Innov8, Comcast Ventures and Liberty Global Ventures invested together with GGV Capital, which led the round, Flybridge Capital Partners, Globespan Capital Partners, Menlo Ventures and BitSight CEO Shaun McConnon.
BitSight’s Security Rating Platform sifts through considerable amounts of data on security issues and behaviour from global networks to issue each customer an objective rating on their security performance.
The company, which said it has doubled sales year on year in the first half of 2016, will spend the series C cash on expanding its business and forming partnerships in new markets, while exploring strategic acquisitions and increasing product development.
The round brought BitSight’s total funding to $95m since it was founded in 2011. Comcast Ventures was among the investors in a $23m series B round in June 2015 that included Flybridge Capital, Globespan Capital, Menlo Ventures, Commonwealth Capital Ventures and Shaun McConnon.
Dave Zilberman, managing director of Comcast Ventures, said: “In 2016, exceptional and reliable vendor management is a necessity, not an option.
“BitSight has created the Security Ratings Services market – which Gartner now recognises – showing the level of excellence the company and service provide. “Comcast Ventures continues to stand behind the impressive leadership team and support its vision as a game: changing cybersecurity technology and standard system.”