US-based cyber risk management service provider CyberGRX completed a $40m series D round on Tuesday featuring insurance provider Massachusetts Mutual Life Insurance and internet and technology conglomerate Alphabet.
The round was led by investment firm Iconiq Capital and included AllegisCyber Capital, Bessemer Venture Partners, Blackstone Group, ClearSky, Scale Venture Partners and TenEleven Ventures. The corporates invested through MassMutual Ventures and GV respectively.
CyberGRX has built a cybersecurity software platform called CyberGRX Exchange that manages risk concerned with third-party cybersecurity software. It carries out assessments of cybersecurity products to analyse risk and uses analytics to suggest the most effective mitigation.
Iconiq Capital general partner Doug Pepper has joined CyberGRX’s board of directors in connection with the round, and the funding will support product development and international growth.
The company said it has now raised a total of $100m in equity funding, including $9m in a 2016 series A round led by AllegisCyber Capital (then Allegis Capital) that featured GV, MassMutual Ventures, TenEleven Ventures, Blackstone and Rally Ventures.
Bessemer Venture Partners (BVP) led CyberGRX’s $20m series B round in 2017, investing with GV, MassMutual Ventures and Aetna Ventures, a subsidiary of care provider Aetna, as well as Allegis Capital, TenEleven Ventures, Rally Ventures, ClearSky and unnamed existing backers.
CyberGRX then raised $30m in a November 2018 series C round led by Scale Venture Partners and backed by GV, MassMutual, Aetna Ventures, TenEleven, AllegisCyber, ClearSky, BVP and Blackstone. Telecommunications firm Telstra added an undisclosed amount in June 2019 through Telstra Ventures.