Bitsight Raises $60 Million in Series D Funding To Further Cement Status as Security Ratings Leader
Last Thursday, Bitsight announced the closing of our Series D Round of funding. Not only is this important for our company, it is also extremely significant for the security and risk market as a whole.
We’re extremely proud of this milestone in our growth and value appreciation since the founding of our company in 2011. Bitsight's valuation has increased an incredible 10x since our Series A funding in 2013. This is an amazing achievement and signal for the 350+ great people at Bitsight who have built this company and its enterprise value consistently over time. What validation for our two founders and the vision they had less than 7 years ago!
Adding Warburg Pincus to our roster of premier investors brings incredible business growth and operational experience in the information security, vendor credentialing, and global ratings spaces. It’s evident that Bitsight's vision and customer use cases sit at the apex of these investment areas for Warburg and we will not only benefit from their work in these markets, but also from their enterprise relationships across the globe.
With this round of capital, Bitsight has now raised $155M in the lifetime of the company, at ever-increasing value. This is a sure sign of the importance of the company and the market that we pioneered. Warburg Pincus is one of the best performing growth investors in the market, and their desire to lead our D round is yet another strong signal from a global brand that specializes in investing in solutions that delight customers and solve broad market needs.
We previously raised $40M in our C round back in August of 2016. As of today, Bitsight has almost $100M of cash in the bank. We have clearly been cash efficient even with our continued investment and company growth.
Raising this round of capital is yet another signal to the security and risk market that we are here for the long-term. Bitsight has every intent to become the trusted standard (and the war chest to enable that) for customers in the market. As CEO, I am proud that our customer satisfaction and company performance reflects this. We will continue to remain committed to developing the leading security ratings product for our 1,200+ customers.