Cybersecurity risk management start-up Axio Global Inc. announced today that it has raised $25 million in new funding to accelerate its mission to empower security and business leaders to discover and respond to the cyber risks that most affect their organizations.
ISTARI led the Series B round, with participation from existing investors NFP Ventures and IA Capital Group. Including the new funding, Axio has raised $30 million to date, including a Series A1 round in June 2020.
Founded in 2016, Axio offers cyber management software designed to enable security managers to build and optimize security programs and quantify risk in financial terms. The company’s Axio360 platform enables continuous visibility and actionable insights across the organization, including cyber risk quantification, cybersecurity assessment, financial stress testing and prioritization.
Axio says its software provides a holistic view that enables businesses to understand what is at risk, how to protect against risk, examines balance sheet protections needed to ward off cyber risk, and how to optimize cyber risk management.
The company’s solution aims to address the recent growth in cyberattacks that have exposed enterprises’ widespread vulnerability to business-crippling events such as ransomware, demonstrating what Axio claims is an inadequacy of security approaches. quo in cyber risk management. The company argues that businesses need a modern, risk-based approach to cyber risk decision-making that relies on the ability to quantify cyber risk in financial terms.
“The attack landscape has demonstrated that old faith-based strategies that simply layer on controls without a clear understanding of what to prioritize have done little to reduce susceptibility,” said Scott Kannry, co-founder and CEO of Axio, in a statement. .
The company says it has seen significant adoption of its solution across various industries, with a particular focus on sectors such as energy, utilities and other critical infrastructure areas. Three of the top 10 North American utility providers use it, as well as two of the top five North American oil and gas providers.
Axio co-founder and chairman David White said, “We started this business to help CISOs understand how they should be spending their next dollar, through risk mitigation or risk transfer (insurance) . Cyberattacks will happen and since hackers are constantly innovating, CISOs must improve in tandem to ensure cyber resilience.