Black Kite, a cybersecurity startup based in Boston, has raised $22 million in Series B funding to meet the increasing demand for cybersecurity solutions.
The funding round, which was led by Volition Capital, brings the total funding raised by the startup since 2019 to more than $33 million. Existing investors Moore Strategic Ventures, LLC (MSV), Glasswing Ventures, and Data Point Capital also participated. Sean Cantwell, Managing Partner at Volition Capital. Referred to the firm’s participation by stating:
“Third-party cyber risk management is a persistent and growing concern for organizations across all industries, and solutions that most effectively mitigate these risks have significant growth potential. Black Kite’s unique standards-based approach to supply chain risk assessment coupled with a strong management team has enabled significant market growth and traction. As long-time investors in supply chain compliance and security software businesses, we believe that Black Kite is well-positioned to emerge as the category-leading third-party cyber risk platform.”
Black kite was founded back in 2016 with the mission to revolutionize how third-party risk management (TPRM) was done. By focusing on penetration testing from a black hat’s perspective, the startup has developed a platform that approaches cybersecurity from a technical, financial, and compliance perspective. Paul Paget, CEO of Black Kite, said in this regard:
“Ransomware risk to supply chains and critical infrastructure providers can only be mitigated through a clear and real-time view of threats and vulnerabilities across organizations and their trading partners.”
The platform developed by the startup has been adopted by more than 300 customers worldwide, allowing them to assess cyber risks quickly and cost-effectively. The new funding will be used by the startup to boost its marketing, customer success, channels, and strategic partnerships, allowing it to sustain the growth rate that has resulted in a 100% increase in user base and employee headcount over the past year.
With cybercrime continuing to become increasingly relevant to organizations across the globe, the demand for cybersecurity solutions that protect against ransomware, Distributed Denial of Service (DDoS), corporate spying, and other types of cyberattacks, continue to soar. Black Kite is determined to meet this demand while keeping its platform updated on the latest security practices to facilitate the closing of critical security gaps.