Total funding now over $100M on momentum of record growth and enterprise adoption
Balbix, the leader in cybersecurity posture automation today announced $70 million in Series C funding. This move follows a record growth year for Balbix in revenue and global enterprise adoption, and an expansion of its senior leadership team. Balbix’s oversubscribed Series C round was led by Redline Capital who were joined by new investors, Third Point Ventures, Nautilus Venture Partners, Modern Venture Partners and Franklin Park as well as existing investors Mayfield, JC2 Ventures, Mubadala Capital, Alter Venture Partners and Singtel Innov8.
The funds will be used to build out Balbix’s go-to-market capabilities and continued engineering investments to address market needs across unified asset inventory, software bill of materials (SBOM), vulnerability management, cyber risk quantification, and security posture automation.
“Organizations of all sizes need real-time cyber risk visibility which is crucial for coordinating and driving timely risk mitigation actions,” said Nicolas Giuli, Partner at Redline Capital. “With its differentiated AI-powered approach to cybersecurity posture automation and excellent reference customer deployments, Balbix is very well poised to address these requirements. We are excited to take this journey with them as they continue to scale across the world.”
“Balbix’s ability to operate at massive enterprise scale to deliver valuable business outcomes in terms of risk reduction, security team productivity and security program cost reduction, puts it ahead of other companies in the industry,” said Curtis McKee, Partner at Third Point Ventures. “We are excited to work with company leadership to help scale Balbix and cement its leadership position in this rapidly growing market segment.”
“Our journey started at the inception stage of Balbix and has been marked by a deep partnership with Gaurav on strategy, go-to-market, fundraising, executive hiring as well as introductions to CXOs who became critical customers,” said Navin Chaddha, Managing Director at Mayfield. “It is such a rewarding moment to see Balbix emerge as a category leader and valuable company to work for today.”
Funding follows record growth and enterprise adoption
The Series C announcement comes on the heels of Balbix’s rapid 2.5x growth in annual recurring revenue (ARR) over the last twelve months, including four multi-million dollar deals closed with Fortune 100 companies.
Additional highlights include:
- The launch of the industry’s first automated cyber risk quantification solution, enabling corporate leadership and boards to quantify cyber risks in dollars and trace risk back to underlying operational issues and risk owners.
- 200+ percent growth in new enterprise customers, across the Americas, Asia, Europe, Middle East, and Africa.
- Recent appointments of Balbix’s new Chief Revenue Officer, Chief Marketing Officer, its first head of sales operations in Europe, and headcount growth of nearly 100 percent y/y.
- Notable additions to its partner ecosystem including a new AWS integration and a partnership with global MSSP Microland.
Balbix’s rapid growth comes as the overall cybersecurity market is expected to grow at 13 percent CAGR to reach $400 billion by 2027. The cybersecurity market segment that Balbix addresses is growing even faster, as it corresponds to “the brain” of enterprise cybersecurity programs, considered crucial for coordinating an increasingly complex portfolio of cybersecurity tools that organizations must invest in.
“Our Series C funding round underscores the unique value that the Balbix Security Cloud is bringing to our customers by helping them to unify and coordinate their existing security investments, automate cybersecurity posture, and reduce their cyber risk and security program costs,” said Gaurav Banga, CEO and founder of Balbix. “We are honored to work with leading investors from around the world as we pursue our innovative approach and grow our business.”
Balbix is the world’s leading cybersecurity posture automation company. The Balbix Security Cloud uses AI and automation to reinvent how the world’s leading organizations reduce their cyber risk. With Balbix, security teams can accurately inventory their cloud and on-premise assets, conduct risk-based vulnerability management, and quantify their cyber risk in monetary terms. Balbix was ranked #32 on the 2021 Deloitte Fast 500 North America and was named a Gartner ‘Cool Vendor.’ For more information, visit www.balbix.com.