Safe Security raises $70 Mn in Series C led by Avataar Ventures

Cybersecurity startup Safe Security, previously known as Lucideus, has secured $70 million in a Series C round, led bybAvataar Ventures. The funding round attracted both new and existing investors, including Susquehanna Asia Venture Capital, NextEquity Partners, Prosperity7 Ventures, Eight Roads, ex-Cisco CEO John Chambers, and Sorenson Capital.

The fresh capital will be used to accelerate Safe's ‘CyberAGI’ vision, growing its engineering, go-to-market, and R&D.

Founded in 2012 at IIT-Bombay by Saket Modi, Viditkumar Baxi, and Rahul Tyagi, Safe Security spent its early years bootstrapped, later relocating headquarters to Palo Alto, with additional offices in New York, London, Bengaluru, and New Delhi. 

The company specializes in helping organizations identify, assess, and mitigate cyber risk using AI-driven tools across Cyber Risk Quantification (CRQ), Third-Party Risk Management (TPRM), and Continuous Threat Exposure Management (CTEM).

Safe’s recent innovation is a fully autonomous CTEM solution, claimed to be the world’s first, integrated within the company’s Cyber Risk Singularity platform. After shaping the CRQ market and expanding into TPRM with more than half of customers now using the module, the firm is positioning CTEM as its next major growth driver.

Safe Security claims to clock triple-digit revenue growth for three consecutive years, with more than $170 million raised across rounds. Its marquee customers include Google, Fidelity, T-Mobile, Chevron, and IHG.