Wednesday, April 24 2024

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.”

“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.”

Gaurav Banga, founder and chief executive officer of Balbix
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