Safe Security raises $33 million from British Telecom and other investors | #cybersecurity | #cyberattack

CHENNAI: India and Silicon Valley-based cybersecurity SaaS enterprise Safe Security (formerly Lucideus) has raised a $33 million funding round led by UK telecommunications giant British Telecom (BT). The company’s existing investors including former CISCO chairman John Chambers also participated in the round.
With this round, the total funding raised by the startup has reached $50 million, and founder and CEO Saket Modi says it is now a “soonicorn” and on track to reach the unicorn status in 18-24 months. “Our business grew around 270% last year, and we are in double-digit million dollar annual recurring revenue currently,” he added.
The startup plans to use the funds to double its engineering team from 100 to 200 in the next 12 months and to fuel its global expansion plans.
As part of this strategic investment, BT will be granted exclusive rights to use and sell the startup’s machine learning product SAFE to businesses and public sector bodies in the UK and will incorporate the platform within its wider global portfolio. BT will also work collaboratively with Safe Security to develop future products.
Built out of Bengaluru, the startup’s machine learning-enabled SaaS platform SAFE helps multiple Fortune 500 companies measure and mitigate enterprise-wide cyber risk in real-time by calculating a financial cost to customers’ risks and gives actionable insight on the steps that can be taken to address them.
Modi says this strategic investment from BT will help them reach a massive customer base globally and the startup’s growth rate this year will likely exceed that of last year as a result.
“Cyber security is now at the top of the agenda for businesses and governments, who need to be able to trust that they’re protected against increasing levels of attack. Adding SAFE to BT’s proactive, predictive security services will give customers an enhanced view of their threat level, and rapidly pinpoint specific actions needed to strengthen their defences,” Philip Jansen, CEO, BT, said.

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