SafeBase, Inc., a smart trust centre that streamlines the security assessment process for B2B SaaS companies, today announced that it has raised $18 million in a Series A round led by global venture capital firm New Enterprise Associates (NEA), with participation from Y Combinator and Comcast Ventures, the corporate venture capital arm of Comcast Corporation. SafeBase has over 100 customers, including Linkedin, Jamf, and Snyk, a cybersecurity firm. The funding will be used to expand the company and hire more employees.
SafeBase is a smart trust centre that allows a company's security posture to be shared and critical document access to be automated. The SafeBase portal gives organizations "self-serve" access, enabling InfoSec teams to understand everything about a company's security programme, shortening the sales cycle and increasing client trust by providing total visibility.
Enterprise adoption of new technologies has traditionally been hampered by security evaluations. As per a recent survey released by TechBeacon, cybersecurity investment would reach $174 billion in 2024, with 69 percent citing regulatory compliance as the key spending driver. Moreover, third-party breaches are growing more prevalent, with 80% of companies reporting at least one breach in the last year. Assessing overall security is critical when considering new corporate technology from a third-party vendor, but it can be a lengthy and time-consuming procedure. SafeBase is built to automate access and deliver security and compliance data for industry standards like GDPR, HIPAA, and SOC2.
Hilarie Koplow-McAdams, Venture Partner, NEA said that "Security reviews are notorious for being disjointed and often complicated—which consequently leads to delayed sales cycles and implementations. SafeBase has developed a long-desired solution that streamlines and automates security reviews within a single platform, giving customers the confidence to make faster decisions for new technology. The product has already displayed impressive market traction and we're thrilled to partner with the SafeBase team as they continue to pioneer the future of vendor security for organizations globally."
Al Yang, CEO, and Adar Arnon, CTO, founded SafeBase after meeting at Harvard and being accepted into Y Combinator's accelerator programme during the Pandemic. Adar served in the Israeli Defense Forces Unit 8200 before to Harvard, therefore the business has excellent engineering teams in both the United States and Israel. Al is a serial entrepreneur who has seen the agony and inefficiencies of vendor security evaluations firsthand. They're on a mission to make the world a better place by enabling organizations with strong security systems to earn a competitive advantage in the sales process.
"At SafeBase, we want all companies, regardless of size or sector, to be able to easily communicate their security posture to the world. We're very proud that the investors at NEA share our vision and want to help us bring it to every company that's serious about building and maintaining trust with its customers."
Al Yang, CEO of SafeBase
SafeBase helps business development and sales teams to expedite security and compliance processes for businesses integrating third-party technology providers, in addition to security and compliance challenges in the sales process. From an organized, interactive dashboard, information security personnel may now view all the data of a company's security programme.