CyberGRX Gets $9M to Manage Security Risks From Business Partners
An interesting cybersecurity startup emerged from stealth mode in Denver today. CyberGRX, which develops cyber risk management software, said it has closed $9 million in Series A funding, led by Allegis Capital.
The company’s other investors include a mix of venture firms such as Blackstone, TenEleven Ventures, Rally Ventures, GV, and MassMutual Ventures, and security executives including Art Coviello (former CEO of RSA Security), Bob Brennan (CEO of Veracode), and Mike McConnell (former NSA director).
CyberGRX is led by CEO Fred Kneip, a veteran of Bridgewater Associates. Patrick Gorman, formerly of Bridgewater and Bank of America, serves as head of strategy and product, and Bryan Smith, previously with Endgame and the NSA, is CTO.
The startup is trying to solve the problem of third-party cyber risk management—helping big companies limit their exposure to data breaches from their vendors, partners, and customers. This is an increasingly serious problem for companies in fields like retail and insurance that rely on large and diverse networks. CyberGRX aims to start selling its product in early 2017. So far, the company says, early adopters of its technology include Aetna, Blackstone, and MassMutual.