Security Funding: Balbix Raises $70M, Helps MSSPs to Measure, Mitigate Customer Risk
Balbix, a cybersecurity posture automation provider, has raised $70 million in Series C funding. Balbix’s cloud-based softwareblends security analytics to help MSSPs and IT security professionals to perform risk-based vulnerability assessments, and quantify an organization’s cyber risk in monetary terms, the company indicated.
We haven’t heard much about a Balbix partner strategy yet — but CEO Gaurav Banga indicated in 2018 that an MSSP partner push was coming. Early adopters include Microland, an MSSP that leverages Balbix to monitor customers for security risks and manage the remediation of identified issues, Microland announced in September 2021,
Fast forward to 2022.With the Series C financing, Balbix will build out its go-to-market capabilities, the company said. It also will continue to make engineering investments to address market needs across unified asset inventory, software bill of materials (SBOM), vulnerability management, cyber risk quantification and security posture automation.
Balbix Increases Its ARR, Adds New Enterprise Customers
The Series C financing comes after Balbix reported 2.5x growth in annual recurring revenue (ARR) over the past 12 months — though actual revenue dollar figures were not disclosed.
In addition, the company recorded 200+ percent growth in new enterprise customers across the Americas, Asia, Europe, Middle East and Africa during this period. But here again, the company didn’t mention actual customer figures.
Ahead of the Series C funding, Balbix in January 2022 hired Chris van Staden as chief revenue officer, and Christophe Németh as head of sales and business operations, Europe. We’re watching to see if Staden and/or Németh drive formalized MSSP and channel partner engagements.
Amazon Web Services (AWS): Security Monitoring and Risk Mitigation
In addition to helping customers mitigate on-premises risk, Balbix now integrates with Amazon Web Services to help MSSPs and customers address cloud security posture management (CSPM).
Additional insights from Joe Panettieri.