San Francisco-based cybersecurity firm Bay Dynamics has raised $23 million in a Series B round led by Carrick Capital Partners, with participation from Comcast’s venture capital arm, Comcast Ventures.
Founded in 2001, Bay Dynamics serves up an automated risk analytics platform called Risk Fabric that’s designed to help organizations spot threats and analyze data to establish the extent of an identified cybersecurity risk. The company claims “hundreds” of clients across the U.S., including Fortune 500 firms.
Previously, Bay Dynamics had raised $8 million from Comcast Ventures in 2014, and it says it will use its latest cash injection to expedite global growth.
“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,” said Feris Rifai, cofounder and CEO at Bay Dynamics. “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.”
Cybersecurity is among the hottest categories for investment. In the last month alone, Post-Quantum raised $8 million, Darktrace nabbed $65 million, SecurityScorecard closed a $20 million round, and Cylance gobbled down $100 million for a system that uses A.I. to help businesses protect themselves from advanced security threats.
A number of major tech companies are also investing heavily in the field through acquisitions, while others are making moves to address the anticipated future shortage in cybersecurity experts — some reports indicate that the industry could be short by around 1.5 million personnel by 2020. Cisco recently announced a $10 million scholarship program to encourage people to enter the cybersecurity industry.