Safe Security, earlier called Lucideus, on Tuesday said it has raised $50 million in a funding round dubbed Series B and led by Sorenson Capital, a Utah-based venture capital fund.

Returning investors in this round include Fidelity Investments’ venture capital arm Eight Roads, Telstra Ventures and WTI, said a statement by Safe Security.

The latest infusion, which takes Safe Security’s total funding to over $100 million, comes at a time when startups are facing a funding winter as inflationary pressures hit sales cycles as well as the movement of money in technology companies.

What it does
Safe Security’s platform helps its clientele manage and mitigate cyber risk, using artificial intelligence on a real-time basis. With the platform’s visibility across the entire attack surface, technology, people and third parties, client organisations adopt a predictive approach in detecting cyber risks.

“Tailwinds from regulators, cyber insurance, and boards to understand and quantify cyber risk in an aggregated and granular manner are propelling Safe into this exponential growth phase,” Saket Modi, founder and CEO of Safe Security, said in a statement.

Modi added that despite economic headwinds, the Palo Alto-headquartered company has been growing over 160% for three consecutive years. “As we enter this next milestone in the company’s journey, we are focusing on continuing to innovate ahead of the market and lead the charge with the industry’s only real-time, data-driven platform for managing and mitigating cyber risk,” he added.

Sorenson sees huge opportunity in cyber risk
Other homegrown companies that Sorenson Capital has backed include data observability startup Acceldata and conversational automation startup Uniphore.

“Managing cyber risk is at a critical inflection point. There is a huge market opportunity for a horizontal layer across the entire cyber stack for managing risk. We invested in Safe because it is uniquely positioned to assume this leadership role in this new category with its real-time, AI-driven approach,” Burke Davis, partner at Sorenson Capital, said.

Impressive CV
Safe Security was founded in 2012 by Modi, Viditkumar Baxi and Rahul Tyagi and was bootstrapped for its first four years. It is also backed by John Chambers, the former chairman and CEO of networking gear maker Cisco.

Modi, a computer science engineer, and his team were responsible for the security assessment of the BHIM Application developed by the National Payments Corporation of India.

With offices in Palo Alto, New York, London and Bengaluru, Safe Security has clients from Hong Kong through New York to California.

According to its official website, Safe Security currently services about 200 companies, including LifeCell, Royal Sundaram, Tata Consumer Products, Apollo Hospitals, News Corp, HDFC Bank, Infosys, ICICI Bank, Federal Bank, Pidilite and EY.