American cyber risk management startup BitSight focusing on security ratings raised around $60 million in the fourth round of funding on Thursday, bringing the total valuation of the company at an estimate of $600 million. The company said in its official press release that the latest Series D funding led by Warburg Pincus brings the total funding amount to $155 million.
“When BitSight introduced the first Security Ratings Platform in 2011, we set out to transform how businesses evaluate risk and security performance,” said BitSight CEO Tom Turner. The firm’s head also announced the partnership with private equity company Warburg Pincus, stating: “I am delighted to partner with Warburg Pincus as they have a very successful history of investments in cyber security, information services and global ratings agencies.”
BitSight’s main product is security ratings sold to companies that want to ensure they remain protected from cyber attacks and hacks. The ratings provide firms’ security officers with useful data that helps monitor security on different levels of operations. “The ratings platform provides them with agility, enabling them to focus their scarce resources to address the biggest risks and conduct data-driven conversations with vendors to enable them to remediate issues quickly, reducing overall risk to the organization,” according to Turner.