Market Overview

RiskRecon, Third-Party Cyber Risk Management Provider, Secures $25 Million in Series B Funding, Led by Accel

Share:

Investment will accelerate adoption of RiskRecon's industry-leading SaaS
platform that dramatically improves the third-party cyber risk process

RiskRecon,
the fastest-growing company transforming management of third-party cyber
risk, today announced it has raised $25 million in Series B financing.
Led by Accel
and joined by existing investors Dell Technologies Capital, General
Catalyst, and F-Prime Capital, the global venture capital firm
affiliated with Fidelity Investments, the round brings RiskRecon's total
funding to more than $40 million. Existing individual investors Mickey
Boodaei, Rakesh Loonkar, and Paul Sagan also participated in the round.
In conjunction with the investment, Accel partner Nate Niparko will join
the company's Board of Directors. RiskRecon will use the capital to meet
increasing global market demand for third-party cyber risk management
solutions.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180807005283/en/

Kelly White, CEO and Co-founder of RiskRecon (Photo: Business Wire)

Kelly White, CEO and Co-founder of RiskRecon (Photo: Business Wire)

"Third-party cyber risk is the single largest unchecked attack vector
that sophisticated attackers are exploiting in some of the most damaging
cyberattacks in recent years," said Kelly White, RiskRecon's CEO and
Co-founder. "Current approaches to managing third-party cyber risk with
annual questionnaires and intermittent, manual processes fall short
because they cannot scale as organizations outsource more and more work
to third parties as the result of trends such as globalization and cloud
adoption. RiskRecon's proven, automated approach to identifying,
understanding, and acting on third-party cyber risk delivers tangible
value for all key stakeholders demanding closer oversight of risk within
their organizations."

RiskRecon's customer base has nearly tripled in the last twelve months,
as companies realize the benefits of the only continuous monitoring
solution that delivers risk-prioritized action plans enabling precise,
efficient elimination of their most critical third-party security gaps.

"RiskRecon's mission from day one has been to use the power of
third-party risk management to improve the security of the Internet,"
said Eric Blatte, President and Co-founder of RiskRecon. "Since our
founding in September of 2015, Global 2000 customers and other
businesses have placed their trust in RiskRecon's technology to
continuously assess the cyber security risks of their third parties as
well as their own organizations. These customers include top companies
across a variety of key global industries, including financial services,
retail, technology, healthcare, energy, and pharmaceuticals. We are
thankful for the customers and investors who have joined with us to
build RiskRecon into a world-class technology company. In the next few
years, the broader industry, including the mid-market, will be adopting
third-party cyber risk products and RiskRecon is well-positioned to take
advantage of this growing market demand."

"We are very proud to have Accel join our existing investors," White
added. "Accel is the go-to venture capital firm for building a security
company, as the early investor in companies like CrowdStrike, Tenable,
and Netskope."

"Security has been a cornerstone category for Accel for a long time. As
we talk to our CISOs, we see a growing need for third-party risk
management as enterprises have become more intertwined with third-party
service providers," said Nate Niparko, a partner at Accel. "Kelly and
Eric are experts in this domain and have architected RiskRecon's
products around actionable risk recommendations to make customers more
secure. We believe RiskRecon is best-positioned to solve the problems in
this category."

"Third-party risk management is the process of holding enterprises
accountable to good security practices," White concluded. "As you
improve the risk management of your third parties, you improve the
collective security of the Internet. The work of third-party risk
management is work for the greater good and we are proud to be part of
it."

RiskRecon is headquartered in Salt Lake City, UT and is actively looking
to expand its rapidly growing team of security professionals.

About RiskRecon

RiskRecon provides the world's fastest path to understanding and solving
third-party cyber risk. RiskRecon's SaaS-based platform enables
enterprises to understand the cyber risk performance of their vendors
based on continuous discovery of vendors' systems and assessment of
those systems against 39 security risk criteria. RiskRecon provides
suggested risk prioritization of every issue surfaced based on issue
severity and asset value. This risk contextualization enables customers
to easily convert RiskRecon assessments into action, providing
capabilities for customers to engage their vendors on the issues and
themes that expose them to the greatest risk. Armed with RiskRecon,
companies realize dramatically better risk outcomes, compressing the
time required for analysts to assess and act on risk. Learn more at www.riskrecon.com.

About Accel

Accel partners with exceptional founders with unique insights, from
inception through all phases of growth. Atlassian, Braintree, Cloudera,
Crowdstrike, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, Jet,
Qualtrics, Slack, Spotify, Supercell, Tenable and Vox Media are among
the companies the firm has backed over the past 35 years. The firm seeks
to understand entrepreneurs as individuals, appreciate their originality
and play to their strengths. Because greatness doesn't have a
stereotype. For more, visit www.accel.com,
www.facebook.com/accel
or www.twitter.com/accel.

                   

Follow RiskRecon:

LinkedIn: https://www.linkedin.com/company/riskrecon/

 

Twitter: @riskrecon

 

View Comments and Join the Discussion!