Cyber risk management startup CyberSaint Inc. today announced that it has raised $21 million in new funding to build on customer momentum, accelerate market expansion and continue the development of its CyberStrong platform.

Founded in 2016, CyberSaint offers a platform that allows enterprises to assess, measure, remediate and communicate their cyber risk posture. The platform automates assessments, financializes risks and gives informed advice for decision-making at the executive level to optimize organizations’ cyber risk posture.

Features of the platform include allowing users to automate control assessments, quantify risk posture in financial terms, develop and track remediation plans and continually evolve their cyber risk management program over time. CyberSaint’s CyberStrong platform also provides immediate insights into customers’ cyber risk posture and offers a scalable, data-driven solution to spur action and influence decisions.

CyberSaint has seen strong growth, managing over $33 trillion in cyber risk and processes over 10 million findings daily. Notable customers include Allstate Corp., Duke Energy Corp., Marathon Petroleum Corp., Expeditors International of Washington Inc. and Tripadvisor Inc.

The company also offers the CyberSaint Free Cyber Risk Analysis, a free service that allows anyone to input their industry, company size and revenue and uncover their top industry risks and related NIST 800-53 controls in seconds. The service is said to give the public unfettered access to tailored insights based on the largest cyber loss dataset in the world.

Riverside Acceleration Capital LLC led the Series A round, with Sage Hill Investors LLC, Audeo Capital LLC and BlueIO Inc. also participating. CyberSaint had previously raised $3 million in funding in 2018 and $6 million in debt financing in 2022, according to Tracxn.

“In an era where cyberattacks are becoming more frequent and sophisticated, the likelihood of breaches has escalated, leaving many organizations unsure of how to effectively reduce their risk,” Chief Executive Jerry Layden said in a statement. “It is imperative that optimizing cyber risk posture is elevated to a business-critical level.”

Layden added that the new funding would allow the company to “expand swiftly and elevate cyber risk management to a pivotal role in enhancing organizational performance.”

Image: CyberSaint