An interesting cybersecurity startup emerged from stealth mode in Denver today. CyberGRX, which develops cyber risk management software, said it has closed $9 million in Series A funding, led by Allegis Capital.
The company’s other investors include a mix of venture firms such as Blackstone, TenEleven Ventures, Rally Ventures, GV, and MassMutual Ventures, and security executives including Art Coviello (former CEO of RSA Security), Bob Brennan (CEO of Veracode), and Mike McConnell (former NSA director).
CyberGRX is led by CEO Fred Kneip, a veteran of Bridgewater Associates. Patrick Gorman, formerly of Bridgewater and Bank of America, serves as head of strategy and product, and Bryan Smith, previously with Endgame and the NSA, is CTO.
The startup is trying to solve the problem of third-party cyber risk management—helping big companies limit their exposure to data breaches from their vendors, partners, and customers. This is an increasingly serious problem for companies in fields like retail and insurance that rely on large and diverse networks. CyberGRX aims to start selling its product in early 2017. So far, the company says, early adopters of its technology include Aetna, Blackstone, and MassMutual.
Author: Gregory T. Huang
Greg is a veteran journalist who has covered a wide range of science, technology, and business. As former editor in chief, he overaw daily news, features, and events across Xconomy's national network. Before joining Xconomy, he was a features editor at New Scientist magazine, where he edited and wrote articles on physics, technology, and neuroscience. Previously he was senior writer at Technology Review, where he reported on emerging technologies, R&D, and advances in computing, robotics, and applied physics. His writing has also appeared in Wired, Nature, and The Atlantic Monthly’s website. He was named a New York Times professional fellow in 2003.
Greg is the co-author of Guanxi (Simon & Schuster, 2006), about Microsoft in China and the global competition for talent and technology. Before becoming a journalist, he did research at MIT’s Artificial Intelligence Lab. He has published 20 papers in scientific journals and conferences and spoken on innovation at Adobe, Amazon, eBay, Google, HP, Microsoft, Yahoo, and other organizations. He has a Master’s and Ph.D. in electrical engineering and computer science from MIT, and a B.S. in electrical engineering from the University of Illinois, Urbana-Champaign.
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