UPDATED 08:00 EDT / JUNE 11 2020

SECURITY

Cyber risk management startup Axio raises new funding

Cybersecurity risk management startup Axio Global Inc. announced today it has raised new funding to accelerate platform innovation and expansion into new industries including the financial sector.

The amount of the Series A1 round was not disclosed. It was led by Fin Venture Capital and IA Capital Group and included previous investor NFP Ventures.

Founded in 2013, Axio helps organizations understand cybersecurity exposure, calculate risk and make data-driven decisions that improve their security and risk posture. Offered as software as a service, the company’s Axio360 platform enables ongoing visibility and actionable insights across the organization including cyber risk quantification, cybersecurity assessment, financial stress testing and prioritization.

The company said the software provides a holistic view that gives enterprises an understanding of what is at risk, how to protect against risk, examines the balance sheet protections needed to backstop cyber risk and how to optimize cyber risk management. On average, Axio360 identifies $431 of quantified risk that can be minimized for every $1 of investment, according to the company.

Axio claims to help nearly 1,000 organizations, many within critical infrastructure thanks to partnerships with industry trade associations. Partners include consultants, managed security service providers and insurance brokers. Axio360 is offered both directly and as a white-label product that partners can brand as their own.

The platform itself supports a wide range of industry-standard maturity models, including Cybersecurity Capability Maturity Model, NIST Cybersecurity Framework, Rural Cooperative Cybersecurity Capabilities Program and others allowing enterprises to benchmark against their peers.

“With cybersecurity threats continually increasing and budget sensitivity at all-time highs, enterprises need a platform that enables all key stakeholders to understand cyber risk in a quantified view to validate and optimize their financial and technical controls to best protect their business,” Scott Kannry, founder and chief executive officer of Axio, said in a statement.

In its last round, the company raised $3.3 million. According to Crunchbase, Axio has raised $4.4 million excluding the new funding announced today.

Photo: Axio/Twitter

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