British Telecom leads $33M round in New Delhi-based Safe Security

Safe Security (previously Lucideus) today announced it has raised $33 million in a funding round led by London-based British Telecom (BT). Its existing investors, including former Cisco Systems Chairman and CEO John Chambers, also participated in the round.

Safe Security's total funding now stands at $50 million as a result of this capital infusion. According to Modi, Co-founder, and CEO of Safe Security, the startup has now been dubbed a "soonicorn."

He said, “We are delighted to be working with a proven global security leader in BT. Their investment and strategic partnership with Safe Security will further accelerate our vision of making SAFE scores the industry standard for measuring and mitigating cyber risks. By aligning BT’s global reach and capabilities with SAFE’s ability to provide real-time visibility on cyber risk posture, we are going to fundamentally  change how cybersecurity is measured and managed across the globe.” 

With this investment, BT will be able to combine the SAFE platform with its managed security services, providing customers with a real-time view of how safe they are in the face of an incredibly fast-moving cyber threat landscape.

Moreover, as part of this investment, BT will be granted exclusive rights to use and sell SAFE to businesses and public sector bodies in the United Kingdom, as well as incorporate it into its larger global portfolio.

In addition, BT will work with Safe Security to develop future products. According to Saket, BT's 3000-person cybersecurity team and Safe Security's engineers will collaborate and focus on SMBs.

Speaking on the development, Philip Jansen, CEO, BT, said, “Cybersecurity is now at the top of the agenda for businesses and governments, who need to be able to trust that they are protected against increasing levels of attack. Adding SAFE to BT’s proactive, predictive security services will give customers an enhanced view of their threat level, and rapidly pinpoint specific actions needed to strengthen their defenses. Already one of the world’s leading providers in a highly fragmented security market, this investment is a clear sign of BT’s ambition to grow further.” 

Safe Security, headquartered in Palo Alto and incubated at IIT Bombay, enables organizations to assess the health of their existing defenses and predict the likelihood of a major cyber attack.

Its SAFE platform, which already protects several Fortune 500 companies and governments around the world, enables organizations to surgically target gaps in their defenses.

The platform of the company also provides a current and historical assessment of multiple threat vectors, such as people, processes, and technology. The evaluated data is quantified with a "SAFE score" ranging from zero to five, allowing businesses to make informed decisions about their cyber investments, including the financial value of the identified risks.

SAFE Security employs API feeds from cloud-native scanners and cybersecurity tools, as well as signals from SAFE's outside-in and inside-out scanners. It then compares the data to existing cybersecurity policies, regulatory compliance, and business context to provide actionable information.

Google LLC, Facebook Inc., SoftBank Group Corp., Munich RE, News Corp., and KFC are among the company's notable clients.

In 2016, Safe Security was in charge of the security audit of the Bharat Interface for Money (BHIM) application, an Aadhaar-based mobile payment platform developed by the National Payments Corporation of India. For which the company was recognized at the Ministry of Skill Development with Entrepreneurship's national entrepreneurship award.

BT Group plc is a multinational telecommunications holding company based in London, England. It operates in approximately 180 countries and is the largest provider of fixed-line, broadband, and mobile services in the UK, as well as subscription television and information technology services.

BT owns a number of significant subsidiaries. The BT Global Services division provides telecoms services to corporate and government customers worldwide while the BT Consumer division provides telephony, broadband, and subscription television services to approximately 18 million customers in the United Kingdom.

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