SAN FRANCISCO –– Bay Dynamics, a leader in cyber risk analytics, has completed a $23 million Series B financing round led by Carrick Capital Partners, an investment firm focused on technology-enabled businesses including SaaS, Software, BPO and Transaction Processing. The round includes capital from Series A investor Comcast Ventures, the venture capital affiliate of Comcast Corporation.
The financing will be used to accelerate Bay Dynamics’ national and global growth, go-to-market strategy and drive further innovation to help companies measure, communicate and reduce cyber risk.
“With Carrick Capital Partners’ support, Bay Dynamics can make an even greater impact in the cyber security space,” said Feris Rifai, co-founder and CEO at Bay Dynamics. “We are already helping companies nationwide shift their approach to focusing on risks to their most valued assets as the driver of their cyber security decisions. Now we are going to expand our reach and continue to innovate so that companies can easily and effectively embrace cyber risk management as part of their regular business processes.”
“We are very impressed with the quality of Bay Dynamics’ cyber risk analytics platform and the endorsements we have heard from Bay Dynamics customers,” said Jim Madden, co-founder and Managing Director of Carrick Capital Partners. “We believe the strongest and highest quality companies, like Bay Dynamics, will continue to thrive and we are excited to be a part of that growth.”
Hundreds of businesses nationwide, many of which are part of the Fortune 50, use Bay Dynamics’ technology. The company’s flagship cyber risk analytics platform, Risk Fabric®, helps organizations identify and remediate the most severe insider threats to their most valued assets, and automates the process of analyzing security information to quantify cyber risk in a traceable, trustworthy and prioritized manner. It also actively engages all parties — from employees to line-of-business application owners to the board — in measurably reducing cyber risk.
Last year Bay Dynamics’ annual recurring revenue growth percentage on Risk Fabric was 326 percent with zero customer turnover. Bay Dynamics’ number of channel partners has increased by almost 150 percent and number of deals has increased nearly 160 percent. The company has also enhanced its Risk Fabric platform enabling clients to adopt a more risk-centric approach to cyber security, which includes prioritizing threats and vulnerabilities surrounding their most valued assets. Bay Dynamics has seven issued patents in this realm with numerous others pending.
Bay Dynamics received an $8 million Series A financing round led by Comcast Ventures in 2014.