BitSight assesses the likelihood that an organization will be breached and sells cybersecurity ratings and risk-assessment data. Its core product provides security ratings used by government agencies, insurers, asset managers and other customers to benchmark cyber risk. The company plans to use the $250 million investment from Moody’s to build a cybersecurity risk platform and expand integration of its data across risk products. BitSight also acquired VisibleRisk to add cyber risk quantification capabilities and will create a risk solutions division led by VisibleRisk co-founder Derek Vadala. The investment values BitSight at $2.4 billion and makes Moody’s the largest shareholder; BitSight had previously raised $155 million in outside funding, including a $60 million Series D led by Warburg Pincus. Founded in 2011, BitSight has just shy of 500 employees and more than 2,300 global customers. BitSight provides continuous external security ratings that quantify an organization’s cybersecurity posture on a 250–900 scale. Its platform tracks the changing risk posture of roughly 1,200 organizations and maps about 100,000 third-party services and operations in its risk ecosystem. Customers include seven of the top 10 cyber insurers, 20% of Fortune 500 companies, and three of the top five investment banks; insurers use the ratings for underwriting and monitoring, and companies use them for vendor due diligence and M&A. BitSight plans to use the new funding to expand its risk-management solutions, particularly analytics, and to drive business development. The company says its approach is similar to credit ratings, combining external data, user behavior and public disclosures to generate scores that help prioritize remediation. Competition includes Security Scorecard, RiskRecon and FICO. Following this round, BitSight has raised a total of $155 million and is valued at around $600 million based on the CEO's remark comparing to its Series A. BitSight is a Cambridge, Mass.-based provider of a security ratings platform that generates objective, outside-in ratings on companies' security performance. Led by CEO Shaun McConnon, the platform applies algorithms to evidence of security outcomes from networks around the world to produce daily ratings from 250 to 900, where higher ratings indicate lower risk. BitSight provides Security Ratings to more than 450 companies, including Lowe's, Ferrari, Hess, Mondelez and The Hartford. The company closed a $40M Series C financing to support its growth plans. BitSight intends to use the funds to accelerate global expansion and product innovation. GGV Capital led the round and will have Glenn Solomon join BitSight's board of directors. BitSight Technologies provides a security rating platform that continuously analyzes vast amounts of external data on security behaviors to allow organizations to manage third-party risk, benchmark performance, and assess cyber insurance premiums. Observed security events and configurations, such as communication with a botnet, malware distribution, and email server configuration, are assessed for severity, frequency and duration and used to generate objective Security Ratings. BitSight's ratings are used by global enterprises to continuously monitor vendor risk, report security performance to boards, and support underwriting decisions for cyber insurance. The company is led by CEO Shaun McConnon. BitSight closed a $23M Series B, bringing total funding to $49M to date. The company intends to use the funds to extend sales and marketing into Europe and APAC, expand engineering and data science teams to accelerate new data analytics products, and to fund potential acquisitions of key data source partners. BitSight Technologies is a Cambridge, MA–based provider of big-data analytics for risk management that collects and analyzes vast amounts of data on security behaviors, processes and technology to identify and quantify security risk. The platform supplies organizations with information needed to address security concerns. Founded in 2011 and led by CEO Shaun McConnon, BitSight plans to use newly raised capital to expand product development, hire sales and marketing personnel, and launch its first product. The company closed a $24M Series A financing to fund these initiatives. In conjunction with the financing, Globespan Capital Partners’ Dave Fachetti and Menlo Ventures’ Venky Ganesan joined Flybridge Capital Partners’ David Aronoff, CEO Shaun McConnon and co‑founders Stephen Boyer and Nagarjuna Venna on the board. BitSight intends to leverage the investment to accelerate its go‑to‑market efforts and bring its initial offering to market.

Total raised

$397M

Funding rounds

5

Latest round

Equity

Latest activity

Sep 2021