The funding will be used to expand operations in the USPlans to double its engineering and sales team in the next three months
Lucideus, a global leader in enterprise Cybersecurity Risk Quantification (CRQ) platforms, today announced that it has doubled its valuation in ten months by raising fresh round of 7 Million USD led by MS&AD Ventures, the venture arm of one of Japan’s leading insurance companies, with participation as venture debt from WTI (Western Technology Investment). Both the investors are based out of Silicon Valley.
The funds will be used to ramp up the company’s operations in the US, double engineering and sales teams in the next three months and scale up the company’s platform – Security Assessment Framework for Enterprises (SAFE). SAFE helps businesses measure and mitigate cyber-risks in real-time.
Cyber Risk Quantification (CRQ) has emerged as a critical category in cybersecurity, and as businesses continue to adopt digital, it is crucial to measure trust in digital. According to Gartner’s top ten security projects for an enterprise in 2019, ‘security rating services’ has featured for the first time, depicting the importance of objectively looking at cybersecurity and this becoming a new market category that Lucideus with its SAFE platform intends to lead.
Saket Modi, Co-founder & CEO, Lucideus said, “Last year, we had a triple digit revenue growth with a net promoter score (NPS) of 86, we intend to continue growing at this pace next year. With this intent, we feel this new round of investment has a strategic overlap for our platform to reach out to a larger audience across the world, while continuing to strengthen our leadership across Asia.”
Having pioneered the CRQ category, Saket further added, “We shifted our headquarters to Palo Alto earlier this year, and getting two new Silicon Valley based investors after John Chambers, strengthens our mission of making SAFE score the de-facto industry standard for measuring and mitigating cyber risks.”
Also commenting, Mr. Jon Soberg, Managing Partner, MS&AD Ventures said, “We pay close attention and evaluate cybersecurity platforms around the world and we found Lucideus’ solution to be a very comprehensive enterprise solution, quite differentiated from competitors. The SAFE solution has the potential to fundamentally change how businesses and insurers understand, value and cover their cyber risks. Lucideus has enabled Fortune 500 companies to secure their digital journey and their solution can support the largest enterprises as well as SMBs. We are excited to partner with Lucideus and look forward to helping them become one of the trailblazers in cybersecurity, globally.”
John Chambers, Founder & CEO, JC2 Ventures and former Chairman and CEO, Cisco, who led the last round of funding in Lucideus said, “Cybersecurity is one of the top concerns for CEOs globally and SAFE is at the epicenter of solving this problem. Cyber Risk Quantification (CRQ) is a disruptive new category and will become a strategic business enabler in the near future. Lucideus, with its platform SAFE is uniquely positioned to become a leader in the crowded cybersecurity market.”
The global cybersecurity market size was valued at USD 137.63 billion in 2017 and is projected to reach USD 248.26 billion by 2023, growing at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period, according to Markets & Markets.
