BitSight, a Cambridge-based cybersecurity ratings startup, received an unexpected surprise on Thursday: $40 million in funding.
According to the Boston Business Journal, BitSight executives weren’t in the market for investor funding, but the cash influx — led by investor GGV Capital, a Silicon Valley venture firm — brought the company up to $95 million in total funding.
BitSight’s Series C round also included participation from previous investors like Flybridge Capital Partners, Globespan Capital Partners and Menlo Ventures, as well as the venture capital arms of three telecommunications companies – Comcast Ventures, Liberty Global Ventures, and Singtel Innov8, a press release stated.
Five-year-old BitSight describes itself as the first in the market to offer objective security ratings for businesses. The company said it plans on using the investment to hire over 100 employees, expand internationally and ramp up product development.
Part of the funding could also be used to make acquisitions beyond the company’s 2014 buyout of AnubisNetworks, a data threat provider based out of Portugal, BitSight told the BBJ.
BitSight’s 450 customers include over 60 Fortune 500 companies, including companies like Lowe’s and Ferrari. Last year the company generated $15 million in revenue bookings — a huge bump from its $2 million in bookings in 2014.
Photo via BitSight
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