US-based cybersecurity software producer SecurityScorecard closed a $27.5m series C round yesterday led by Nokia Growth Partners (NGP), the venture capital firm sponsored by communications equipment maker Nokia.
In addition to NGP, the round included Intel Capital, Axa Strategic Ventures and GV, the corporate venturing units of chipmaker Intel, insurer Axa and internet and technology conglomerate Alphabet, as well as credit rating agency Moody’s Corporation.
Venture capital firms Boldstart Ventures and Two Sigma Ventures also participated in the round, along with private equity firm Evolution Equity Partners.
Founded in 2013, SecurityScorecard has developed cloud-based technology that continuously monitors a network’s security, assigning an A to F rating to denote risk level. The tool identifies vulnerabilities from outside the network, operating the same way as a malicious actor would.
The company’s platform currently monitors the security of more than 200,000 enterprises and government agencies around the world, it said, and capital will be used to bring new products to market.
SecurityScorecard raised $20m in a 2016 series B round led by GV with participation from Sequoia Capital, Boldstart Ventures, Evolution Equity Partners and Two Sigma Ventures.
Sequoia Capital had previously led SecurityScorecard’s $12.5m series A round in 2015, which included contributions from Boldstart and Evolution, the investors that provided $2.2m in seed funding for the company in 2014.
Explaining its rating system, SecurityScorecard CEO Aleksandr Yampolskiy said: “These ratings can be used to report back to the board of directors, continuously monitor third and fourth parties and more intelligently underwrite cyber insurance policies.
“In the near future, security ratings will have an impact on credit ratings, overall company valuations and will become an integral part of every investment and financial decision.”