RiskLens, a developer of software for assessing, communicating, and coping with a cyber chance, announced Monday it has raised greater than $20 million from traders.
Spokane, WA-based totally RiskLens says it plans to use some of the proceeds from the Series B funding spherical to amplify its sales, advertising, engineering, and professional offerings, groups. They’ll paintings to try to seize a bigger portion of the global marketplace for cyber protection products and services, which is expected to be worth more than $180 billion through 2021, in line with a projection with the aid of Zion Market Research.
Washington D.C.-primarily based Paladin Capital Group led the round. Joining Paladin have been two different agencies that had sponsored RiskLens previously: Philadelphia-primarily based Osage Venture Partners and Dell Technologies Capital, which is centered within the Bay Area. Other participants included new investors F-Prime Capital Partners and MassMutual Ventures, both based in the Boston location.
RiskLens says its software helps customers set up quantitative, financially oriented applications for dealing with cyber chance. The organization’s products are designed help companies’ executives and cyber danger teams prioritize cyber security initiatives, in component via quantifying the risks they face in economic phrases.
“There is still a dire need for coping with and communicating cyber risk on the executive level in big companies,” Gaurav Tuli, a partner at F-Prime Capital, says in an organized declaration.
Quantifying cyber danger has long basically been the area of lecturers and organizations that sell cyber insurance policies, according to a 2018 document via Global Cyber Risk Quantification Network. However, that’s changing; the record notes that “software groups, banks, businesses, and governments are increasingly using quantification strategies.” RiskLens may want to remain a few of the beneficiaries, as greater organizations don’t forget purchasing digital tools to quantify—and limit exposure to—cyber risks.
RiskLens says almost one-0.33 of the largest 1,000 US businesses, as measured by using annual sales, use its software program. According to its website, RiskLens’ clients encompass Doordash, E-Trade (NASDAQ: ETFC), Fannie Mae, and Sutter Health.
Another RiskLens client is MassMutual (brief for Massachusetts Mutual Life Insurance Company), which operates MassMutual Ventures.
According to a report Insurance Journal posted in January on trends in cybersecurity, some insurers are “understanding they have got un-quantified exposures” and are now searching out merchandise they can use to quantify them. Part of the intention is limiting the economic harm of future occasions such as the 2017 ransomware assault on FedEx (NYSE: FDX), Maersk, and other businesses. It’s predicted the attack will value the insurance industry as much as $three billion, consistent with the Insurance Journal report.
RiskLens formerly raised $5 million from investors in a Series A funding spherical years ago.