[Funding alert] Cybersecurity startup Safe Security raises $33M from British Telecom, John Chambers

Cybersecurity startup Safe Security (earlier Lucideus) raised $33 million in a funding round led by London-based British Telecom (BT), it said on Wednesday. Its existing investors, including former Chairman and CEO of Cisco Systems John Chambers, also participated in the round.

In an interaction with YourStory, Saket Modi, Co-founder and CEO, Safe Security, said the Silicon Valley-based startup will double its engineering team to 200 engineers in India who work on its pure-play SaaS product SAFE platform.

With this capital infusion, Safe Security's total funding rises to $50 million. Saket said the startup can be now dubbed as a "soonicorn."

This investment will allow BT to combine the SAFE platform with its managed security services to provide customers with a real-time view of how safe they are against an incredibly fast-moving cyber threat landscape.

Headquartered in Palo Alto and incubated at IIT Bombay, Safe Security allows organisations to take a health check of their existing defences and understand their likelihood of suffering a major cyber attack. 

Its SAFE platform enables organisations to surgically target gaps in their defences, and already protects multiple Fortune 500 companies and governments around the world.

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As part of this investment, BT will be granted exclusive rights to use and sell SAFE to businesses and public sector bodies in the UK and incorporate it within its wider global portfolio.

Moreover, BT will also collaborate with Safe Security to develop future products. Saket said that BT's 3000-strong cybersecurity and Safe Security's engineers will work together and focus on SMBs.

He said, “We are delighted to be working with a proven global security leader in BT. Their investment and strategic partnership with Safe Security will further accelerate our vision of making SAFE scores the industry standard for measuring and mitigating cyber risks. By aligning BT’s global reach and capabilities with SAFE’s ability to provide real-time visibility on cyber risk posture, we are going to fundamentally  change how cybersecurity is measured and managed across the globe.” 

Industry analysis estimates that the cost of global cybercrime reached over $1 trillion in 2020, as criminals exploited seismic changes in everyday life to target both individuals and organisations of all sizes.  

Philip Jansen, CEO, BT, said, “Cybersecurity is now at the top of the agenda for businesses and governments, who need to be able to trust that they are protected against increasing levels of attack. Adding SAFE to BT’s proactive, predictive security services will give customers an enhanced view of their threat level, and rapidly pinpoint specific actions needed to strengthen their defences. Already one of the world’s leading providers in a highly fragmented security market, this investment is a clear sign of BT’s ambition to grow further.”