Israeli startup VisibleRisk, which developed an enterprise cyber risk evaluating platform, closed its Series A funding round, bringing in $25 million from Moddy’s Corporation and Team8 - the two founded the startup as a joint venture to assess enterprise cyber risk.
Understanding cyber threats from a different angle
VisibleRisk develops an evaluating platform that allows enterprises to better understand and manage their cyber threats. Yigael Berger, co-founder and GM Israel, said in a chat with Geektime that the company’s platform attacks the cybersecurity game from a different angle.
“Until recent years, cyber was managed from purely a technological perspective by cybersecurity human agents, and not as part of an organization’s financial and operational efforts. Enterprise decision makers have realized that cyber is a continuous system which is critical for the entire organization, and therefore can’t just simply be an open task for the next available cyber agent. They need a simple language and standard that will help them better understand their cyber risks, without having to become cyber experts themselves,” says Berger.
VisibleRisk collects data from the organizational network and builds models from it to simplify risk analysis. The company’s platform is based on placing sensors along the organizational network, which collect empirical data about network security measures and test response to different potential threats. Berger adds that “due to the size and complexity of enterprise networks, it’s impossible to cover every corner online. The genius though, comes from choosing the right sample point and data collection method to enable maximum automation. Risk managers can find the analyzed risk insight on the VisibleRisk platform.”
“At a time of intense digital transformation, accelerating hyper-connectivity and hybrid working environments, confidence in digital infrastructure is of paramount importance to business leaders,” said Nadav Zafrir, Managing Partner at Team8. “Cyber risk and business risk are inextricably linked, and it is only by striking a balance between security, productivity, privacy and distributed working that enterprises can surmount these challenges while driving innovation. VisibleRisk enables executive leaders to get that right, and we’re excited about the business’ immense potential.”
VisibleRisk was founded in 2019 by Derek Vadala - company CEO and former CISO and head of cybersecurity at Moody’s - and Berger, a former executive at Kayhut and founder of Appixia - acquired by Wix. The company had previously raised $5 million in Seed funding.