Entrepreneurship

Safe Security raises $33 mn led by telecom firm BT Group

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Safe Security, a Palo Alto-based cyber risk management firm founded in 2012 by three Indians, raised $33 million funding round led by BT Group Plc, one of the UK’s largest telecommunications and network providers.

Safe Security, with its Security Assessment Framework for Enterprises (SAFE) platform, allows organizations to check their defences and understand the likelihood of suffering a major cyberattack. It calculates a financial cost to customers’ risks and provides actionable insight on the steps that can be taken to address them.

The investment will allow BT to combine the SAFE platform with its managed security services to offer customers a real-time view of how safe the customers are. BT will also get exclusive rights to use and sell SAFE to businesses and public sector bodies in the UK and will incorporate the platform within its wider global portfolio. BT will also work collaboratively with Safe Security to develop products.

“Cybersecurity is now at the top of the agenda for businesses and governments, who need to be able to trust that they are protected against increasing levels of attack. Adding SAFE to BT’s proactive, predictive security services will give customers an enhanced view of their threat level and rapidly pinpoint specific actions needed to strengthen their defences. Already one of the world’s leading providers in a highly fragmented security market, this investment is a clear sign of BT’s ambition to grow further,” said BT chief executive officer Philip Jansen.

Safe Security, founded by Saket Modi, Vidit Baxi and Rahul Tyagi, helps organizations measure and mitigate enterprise-wide cyber risk in real-time using its machine learning enabled application programming interface-first SAFE platform.

It plans to grow the total headcount to over 300 by the end of the financial year.

“We have more than 200 people spread across the globe today and plan to double our engineering team to over 200 engineers, while the total headcount will grow to over 300 by the end of the financial year,” said Saket Modi.

“In the last financial year, our revenue grew by 270%, and we plan to beat that number in this financial year. Our revenue from the US is expected to grow sixfold in the next 12 months,” he added.

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