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Cyberrisk analytics company Bay Dynamics announced on Wednesday (July 13) that it secured $23 million in a Series B funding round, led by Carrick Capital Partners.
The new capital will be used to help fuel national and global growth, a go-to-market strategy and further innovation to reduce cyberrisk, the company confirmed.
“With Carrick Capital Partners’ support, Bay Dynamics can make an even greater impact in the cybersecurity space,” Feris Rifai, cofounder and CEO at Bay Dynamics, said in a press release.
“We are already helping companies nationwide shift their approach to focusing on risks to their most valued assets as the driver of their cybersecurity decisions. Now, we are going to expand our reach and continue to innovate so that companies can easily and effectively embrace cyberrisk management as part of their regular business processes,” Rifai added.
Bay Dynamics said its flagship cyberrisk analytics platform, Risk Fabric, is designed to provide businesses the ability to identify and mitigate sever cyberthreats. In 2015, the company’s annual recurring revenue growth percentage was 326 percent, and it did not record any customer turnover.
“We are very impressed with the quality of Bay Dynamics’ cyberrisk analytics platform and the endorsements we have heard from Bay Dynamics customers,” Jim Madden, cofounder and managing director of Carrick Capital Partners, explained. “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.”