GV, formerly Google Ventures, is investing $20 million to help the enterprise analyze security weakness which may result in successful data breaches hurting itself or suppliers.
Announced on Thursday, New York-based SecurityScorecard said a Series B funding round led by GV has raised $20 million which will be used to “fuel SecurityScorecard’s continued scale and innovation delivering cybersecurity ratings.”
Additional partners in the investment round include Sequoia Capital, Evolution Equity Partners, Boldstart Ventures and Two Sigma Ventures.
Founded in 2013, SecurityScorecard now caters for over 100 business clients.
The firm’s ThreatMarket search engine contains information on vulnerabilities and vendors alike, monitoring companies — and any others they are doing business with — for system weaknesses and issuing an overall rating for cybersecurity defense.
When you have so many companies now involved in supply chains, a weakness in one SMB firm with a small cybersecurity budget can provide an avenue to infiltrate larger firms which are otherwise at a higher protection level — and so monitoring how companies tackle the rising issue of data breaches and infiltration can help IT staff and the enterprise as a whole make more informed security decisions.
“Search engines crawl and index web pages across the internet. In a similar fashion, SecurityScorecard continuously surveys, analyzes, and indexes vulnerabilities across the entire internet to determine the security posture for every organization worldwide.” says Dr. Aleksandr Yampolskiy, CEO of SecurityScorecard.
“We are excited to partner with GV and leverage their deep expertise in building and scaling great companies.”
As part of the financing, Karim Faris, general partner at GV and Tom Mendoza, vice chairman of NetApp, will be joining the firm’s board of directors.
“We see SecurityScorecard as a transformational solution that addresses the cybersecurity pandemic,” said Faris. “Organizations need a solution that provides continuous, reliable, and actionable security intelligence and SecurityScorecard will lead this paradigm shift.”
In Google’s June security update, the tech giant patched dozens of critical security vulnerabilities and bugs affecting the Android mobile operating system.