SafeBase Secures $18 Million Series A

The interactive security portal to share your security posture, automate access to sensitive compliance information, and subscribe to vendor security program updates.

SAN FRANCISCO &&num;8212&semi; SafeBase, Inc&period;,a company that helps B2B SaaS companies close enterprise deals faster by streamlining the security assessment process, announced today that it has raised &dollar;18 million in a Series A round led by global venture capital firm, New Enterprise Associates (NEA), with participation from Y Combinator and Comcast Ventures, the corporate venture capital arm of Comcast Corporation&period; SafeBase already has more than 100 customers, including Linkedin, Jamf and cybersecurity company, Snyk&period; The funding will be used to fuel growth and recruit talent&period;&NewLine;SafeBase is a smart trust center for sharing a company&&num;8217&semi;s security posture and automating access to sensitive documents&period; The SafeBase portal provides companies with &&num;8220&semi;self-serve&&num;8221&semi; access, allowing InfoSec teams to learn everything about a company&&num;8217&semi;s security program, which speeds up the sales cycle while building trust with customer prospects by allowing complete visibility&period;&NewLine;Security assessments have long been bottlenecks for enterprise adoption of new technology&period; Cybersecurity spending will top &dollar;174 billion in 2024 with 69&percnt; reporting regulatory compliance as the primary spending driver, according to a recent study published by TechBeacon&period; In addition, third-party breaches are becoming increasingly common, with 80&percnt; of organizations experiencing at least one such breach over the past year&period; When evaluating new enterprise technology from a third-party vendor, assessing security posture is essential, yet this process can be slow and arduous&period; SafeBase is designed to automate access and provide security and compliance information for industry standards such as GDPR, HIPAA compliance and SOC2&period;&NewLine;&&num;8220&semi;Security reviews are notorious for being disjointed and often complicated—which consequently leads to delayed sales cycles and implementations,&&num;8221&semi; said Hilarie Koplow-McAdams, Venture Partner, NEA&period; &&num;8220&semi;SafeBase has developed a long-desired solution that streamlines and automates security reviews within a single platform, giving customers the confidence to make faster decisions for new technology&period; The product has already displayed impressive market traction and we&&num;8217&semi;re thrilled to partner with the SafeBase team as they continue to pioneer the future of vendor security for organizations globally&period;&&num;8221&semi;&NewLine;SafeBase was started by founders Al Yang, CEO&semi; and Adar Arnon, CTO&semi; who met at Harvard and were admitted to Y Combinator&&num;8217&semi;s accelerator program amidst the Pandemic&period; Prior to Harvard, Adar served in Israeli Defense Forces Unit 8200, thus the company has strong engineering teams in both the U&period;S&period; and Israel&period; Al is a successful serial entrepreneur who personally felt the pain and inefficiency of vendor security assessments&period; Together they are on a mission to create a world in which companies with solid security programs can gain a competitive advantage in the sales process&period;&NewLine;&&num;8220&semi;At SafeBase, we want all companies, regardless of size or sector, to be able to easily communicate their security posture to the world,&&num;8221&semi; said Al Yang, CEO of SafeBase&period; &&num;8220&semi;We&&num;8217&semi;re very proud that the investors at NEA share our vision and want to help us bring it to every company that&&num;8217&semi;s serious about building and maintaining trust with its customers&period;&&num;8221&semi;&NewLine;

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