Safe Secures $70M in Series C Funding to Enhance Cyber Risk Management Solutions

In a significant development within the cybersecurity landscape, Safe, a vendor specializing in cyber risk management, has secured $70 million in Series C funding. This investment, backed by former Cisco CEO John Chambers, is aimed at enhancing the company’s predictive capabilities to autonomously detect and thwart threats before they occur. As outlined by co-founder and CEO Saket Modi, this funding will also support the further development of “cyber AGI” by strengthening their agentic AI capabilities and expanding integrations with existing cybersecurity platforms.

Modi emphasized the strategic importance of this investment, indicating that Safe has made substantial strides in Cyber Risk Quantification (CRQ) and is gaining momentum in third-party risk management. The company has now introduced continuous threat exposure management, positioning its platform as a comprehensive autonomous cyber risk management solution.

Imagining an advanced autonomous system, Modi shared his vision of a solution that can predict and neutralize cyber threats in real-time, describing this capability as the ultimate goal of cybersecurity. He expressed that this advanced intelligence layer will complement existing tools like CrowdStrike and Palo Alto Networks, forming a robust defense mechanism against potential intrusions.

Founded in 2012 during Modi’s time in engineering school in India, Safe transitioned from its original name, Lucideus, in early 2021. The company garnered $5 million in Series A funding in 2017 and successfully closed a $50 million Series B round in April 2023. The latest funding round was led by Avataar Ventures, continuing Safe’s trajectory of growth and innovation within the cybersecurity sector.

Most of the new capital will focus on refining the platform, particularly through AI and machine learning innovations. Unlike many startups that prioritize sales and marketing expenditures, Safe aims to allocate a significant portion of its funding towards research and development, ensuring the continued superiority of its product offerings. With impressive revenue growth of nearly sixfold over the past two years, Modi noted that this is the opportune moment to expand their capabilities.

Safe’s CRQ solution is instrumental for enterprises, enabling them to quantify cybersecurity risks in financial terms. Their third-party risk management (TPRM) service effectively manages the entire vendor risk lifecycle, while their newly introduced continuous threat exposure management prioritizes vulnerabilities based on actual business risk.

Modi’s vision of cyber AGI hinges on the integration of contextual awareness, risk-based intelligence, and machine-to-machine automation, leveraging a sophisticated agentic AI architecture that currently includes 50 AI agents. This initiative is not intended to replace existing security tools like EDRs or firewalls but rather to enhance decision-making processes by synthesizing various signals into autonomous, risk-prioritized actions.

As Safe moves forward, it will rely heavily on established technologies rather than developing its own endpoint solutions. Modi articulated a strategy focused on integrating existing best-in-class tools, translating telemetry data into intelligent actions grounded in contextual risk considerations.

The company’s performance reflects a robust business model, with metrics indicating strong sales efficiency and high gross margins. Although Safe is not yet profitable, it is on a clear growth path, aiming to double its revenue annually. The recent funding round underscores the prevailing confidence in the cybersecurity market, allowing Safe to scale its innovative solutions and bolster its position as a leader in the field.

As cyber threats continue to evolve, Safe’s commitment to pioneering cyber AGI represents a forward-looking approach to proactive threat management, setting a bold agenda for the future of cybersecurity.