Boston, MA – March 20th, 2024 – CyberSaint, the leader in cyber risk management, today announced the company has raised $21M in Series A funding led by Riverside Acceleration Capital (RAC). Additional participating investors include Sage Hill Investors, Audeo Capital, and BlueIO.
The funding will build on customer momentum, accelerate market expansion, and continue the innovation of CyberSaint’s CyberStrong platform powered by its patented Artificial Intelligence (AI) technology. CyberStrong enables enterprises to master their cyber risk posture and drive executive alignment by automating compliance and translating cyber risk into financial terms.
The company has successfully become the standard for cyber risk management across the Fortune 500, due to its innovative approach to simplifying and automating complex cyber risk management processes. One example of the company’s commitment to innovation is the recent release of CyberSaint’s Free Cyber Risk Analysis, allowing anyone to input their industry, company size, and revenue, and uncover their top industry risks and related NIST 800-53 controls in seconds, giving the public unfettered access to tailored insights based on the largest cyber loss dataset in the world.
"In an era where cyber attacks are becoming more frequent and sophisticated, the likelihood of breaches has escalated, leaving many organizations unsure of how to effectively reduce their risk. It is imperative that optimizing cyber risk posture is elevated to a business-critical level," stated Jerry Layden, CEO of CyberSaint. "Thanks to this latest funding, we're positioned to expand swiftly and elevate cyber risk management to a pivotal role in enhancing organizational performance. This milestone wouldn't be possible without the unwavering support from our customers, partners, and investors. My team and I are profoundly appreciative of the partnership we share, as it serves as our daily inspiration as we pioneer solutions in cyber risk management for enterprises worldwide."
“At a time when cybersecurity has never been more important, CyberSaint has emerged as a leader in enterprise cyber risk management. Their in-depth understanding of the enterprise market, ability to translate risks into financial terms, and roster of blue chip customers are a true testament to their market momentum,” said Jim Toth, Managing Partner at Riverside Acceleration Capital. “We look forward to continuing to work with Jerry and the rest of the team as they expand their footprint and help empower cybersecurity teams worldwide.”
Since its launch in 2016, the company has been on a remarkable growth trajectory and achieved many industry milestones. Over the past year, they received critical industry recognition, including being named the Leader for GRC in Snowflake's inaugural State of Next-Generation Cybersecurity Applications Report and recognized in Gartner’s Innovation Insight: Cybersecurity Continuous Control Monitoring research. Additionally, CyberSaint announced a partnership with IBM Cloud as part of the IBM Cloud Security & Compliance Center product, released new remediation features to optimize resource allocation and decision-making across customers’ cyber programs, and appointed industry veteran Matt Alderman as Chief Product Officer to lead product strategy and development initiatives.
“The SEC requirements have elevated the conversation around cyber risk to the Boardroom. CyberSaint’s platform not only hits on the need for increased automation at the foundational compliance level but also the need to link controls to risks to make cyber risk management real-time,” said Rinki Sethi, CISO at BILL. “Companies now can have a clear understanding of their cyber risk posture and optimize accordingly based on their most likely cyber losses, risk mitigated, and ROSI. Translating cyber risk into financial terms is a game-changer for C-suites and Boards. CyberSaint has cracked the code on rapid time to value and scalability for enterprise cyber risk quantification. The CyberStrong platform is a powerful solution for every enterprise CISO looking to master their cyber risk posture.”
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